Finian McGrath (Dublin North Central, Independent)
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71. To ask the Minister for Jobs, Enterprise and Innovation his views on a matter (details supplied) regarding the Transatlantic Trade and Investment Partnership; and if he will make a statement on the matter. [7394/15]

Richard Bruton (Dublin North Central, Fine Gael)
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The Transatlantic Trade and Investment Partnership (TTIP) is a trade and investment agreement being negotiated between the EU and the US. The scope of the EU Commission’s mandate to negotiate with the US on TTIP is comprehensive and can be found on the EU Council’s website at .

Since the negotiations started with the US in 2013, eight negotiating rounds have taken place, the most recent during the week 2-6 February 2015 in Brussels. A further two rounds of negotiations are expected to take place before the summer.

Regulatory co-operation is one of three broad areas included in the negotiations. The main objective is to reduce or eliminate any unnecessary costs, for example, duplication of testing or inspection. The EU Commission has put together a paper that provides an overview of the EU’s position in the negotiations on regulatory co-operation and this can be found on the EU Commission’s website at .

In the area of public services, such as health and education, where there has been a lot of misinformation, it is important to point out that the agreement will not require any public service to be privatised.

The purpose of the TTIP negotiations is to generate jobs and growth by reducing barriers to trade and investment. According to assessments made by the EU Commission and other European bodies, a comprehensive TTIP could over time boost EU GDP by 0.5% per annum bringing significant economic gains as a whole for the EU. This converts into 400,000 jobs across the EU.

Ireland has particularly strong economic links with the US, with over 118,000 people employed in 585 US companies here. The total level of trade (imports and exports) between Ireland and the US in 2012 was €55 billion. The US is Ireland biggest merchandise export market. The most recent data from the CSO shows that Ireland’s services exports to the US increased by 40% in 2012. Notwithstanding the present high level of trade, significant benefits could be derived from a comprehensive and ambitious TTIP.

My Department commissioned a study on the potential impact of the TTIP for Ireland. This study is intended to assist in guiding the Irish position in the negotiations. The study is expected to be finalised shortly and published in early 2015.

The initial findings of the study show that the benefit to Ireland would be more than double the EU average, with 1.1% added to GDP. Other preliminary findings include increased exports (2.7%), increases in real wages (1.4%) and investment (1.6%). Opportunities are expected mainly in manufacturing – pharmaceutical and chemical industry, electrical machinery and other advanced machinery; in certain services and in processed foods. Small and medium enterprises in Ireland are expected to gain from this trade agreement.

In accordance with EU’s Common Commercial Policy, on the basis of a proposal from the EU Commission, it is a matter for the EU Council to decide on the signature of a trade agreement, and, following the consent of the European Parliament and ratification by Member States, to adopt the formal decision to conclude a trade agreement. This means that Ireland will be part of the final decision to ratify the agreement.