Oireachtas Joint and Select Committees

Wednesday, 18 June 2014

Joint Oireachtas Committee on Foreign Affairs and Trade

Transatlantic Trade and Investment Partnership Agreement: American Chamber of Commerce Ireland

4:00 pm

Photo of Olivia MitchellOlivia Mitchell (Dublin South, Fine Gael)
Link to this: Individually | In context | Oireachtas source

The last time we had a major trade agreement was when we joined the then EEC. We had a major debate that was not just confined to Dáil committees. It took place in schools, universities and pubs and involved every citizen before the major decision was made. It is valid that we should have a debate on this agreement and I can understand people's fears about the investor and state dispute settlement. While we understand that if there is no rule of law to protect investment, it will not happen, there is a fear that the expertise, money and might of big investors against poor countries might give them an unfair advantage. Many of people's questions and concerns relate to the fact that the European Union is a trade bloc, but it also has the European Commission ensuring harmonisation of standards and mutual recognition to the highest standards. Not alone does it make standards, it enforces them, even though there are still offenders within the Union. Ireland is often threatened with fines. The concerns my colleagues are expressing are valid.

Having said that, I support the notion of a trade agreement. While there are problems, there are also major advantages for all sides as it will allow countries to capitalise on their absolute and comparative advantages and brings jobs and investment to both sides for their mutual advantage. The European Union did this for Ireland and all other countries, but there were losers in certain sectors. Do the delegates foresee that sectors in Ireland will struggle as a result of this agreement? I can understand they may be reluctant to name them in response to that difficult question, but not everyone can be a winner in a case like this, although we hope that it will raise all boats.