Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael) | Oireachtas source

I am aware that Deputy Wallace asked about the precautionary principle in another question that will be taken later.

The proposed EU-US free trade agreement is one of a number of new-style trade agreements that the EU is negotiating, covering not only covers tariffs, services and investment but also regulatory coherence and co-operation. Such an agreement would be the world’s largest bilateral trade and investment deal, and a successful conclusion is expected to benefit Ireland more than any other EU member state. Ireland’s enterprises are particularly well placed to take up opportunities to trade more easily with the US. An independent study commissioned by my Department and carried out by Copenhagen Economics in 2013 suggests that the benefits to Ireland will be proportionally greater than in the EU as a whole. These findings are backed up in a comprehensive independent report contracted by the European Commission, carried out by Ecorys and published on 13 May 2016. Ireland strongly supports the negotiations and is working to ensure that our interests are fully reflected in the texts of the negotiations.

Regulatory compatibility and co-operation is not about reducing standards or deregulation. Rather, it is about facilitating increased business and trade opportunities between Europe and America and will make the trading landscape easier and more predictable. That is particularly important for SMEs.

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