Mr. Mark Redmond:

The Deputy made some really important points. As he correctly states, this is the largest trading bloc, and for that reason the trade agreement is important not only in itself and with respect to the trading relationship between the EU and the US but also as an example for future trade agreements. That is one of the key reasons this investor to state dispute settlement mechanism mentioned by the Deputy is a component. It is not necessarily a burning issue for the two trading blocs which are negotiating this agreement but it should be present because the agreement will provide an exemplar for trade agreements with other parts of the world where the legal framework may not be as robust as it is between the United States and the European Union. If somebody is to invest seriously and create jobs in a territory, they want to ensure that investment will not just be protected but will remain undamaged by elements like expropriation of assets and so on. It is interesting to consider the record of using that mechanism over recent years in trade deals, as it has been used 60% of the time by EU member states and 7% of the time by the US.

The Deputy also referred to the Mercosur deal but I am not very close to it. As I understand it, that is a very different market with different concerns, particularly for the beef industry. With regard to the timing of the TTIP deal, the US will want to conclude the trans-Pacific partnership deal before TTIP.