Richard Bruton (Dublin North Central, Fine Gael) | Oireachtas source

It has been estimated that TTIP will have a positive impact on European output, incomes and employment. It is estimated that it will increase the size of the European economy by 0.5% of GDP and increase employment by 400,000. This would mean that a European family of four would see its annual disposable income increase by an average of €545. The suggestion that 1.3 million jobs will be lost is untrue. The EU entered these negotiations to boost jobs and growth. If this were not the case, we would not proceed. A study commissioned by my Department on the same basis as European estimates suggested that the benefit to Ireland will be proportionally greater than the benefit to the EU. It suggested that Irish exports will grow by almost 4%, investment will increase by 1% and real wages will increase by 1.5%. It estimated that between 5,000 and 10,000 additional export-related jobs will be created. It suggested that Irish SMEs will be particular beneficiaries of TTIP. The impact of this trade agreement, when concluded, will be felt over a long period. It is expected that resources will move to stronger and higher value sectors over time. This is occurring in the economy all the time. The Commission has estimated that as a result of the agreement, approximately seven in every 1,000 workers will move out of some sectors and into other sectors. As the Deputy knows, job creation and job loss is a dynamic process. For example, in the last four years gross job creation in companies supported by the enterprise agencies was 147,000. This was offset by job losses of 102,000, generating net gains of 45,000. This represents a loss of approximately 4% each year. In that context, labour movement of 0.7% over a ten-year period as a result of TTIP would be a modest adjustment.

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