Tommy Broughan (Dublin North East, Independent)
Link to this: Individually | In context | Oireachtas source

92. To ask the Minister for Jobs, Enterprise and Innovation the progress of the Transatlantic Trade and Investment Partnership; the next steps for Ireland with regards to this partnership; and if he will make a statement on the matter. [15033/15]

Richard Bruton (Dublin North Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

Since the Transatlantic Trade and Investment Partnership or TTIP 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. The 9th round is scheduled to take place in Washington from 20th-24th April 2015. It is hoped that there will be substantial progress in the TTIP negotiations in 2015.

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.

A study commissioned by my Department estimates that the benefits in Ireland will be proportionally greater than in the EU as a whole. It suggests growth in Irish exports of almost 4%, increases in investment of 1% and increase in real wages of 1.5%. It estimates somewhere between 5,000 and 10,000 additional export related jobs. It also suggests that Irish small and medium enterprises (SMEs) will be particular beneficiaries.

Ireland’s interests in these negotiations will be guided by the indications from the study. Our priorities include advancing in regulatory cooperation and common rules which aim to make trade and investment easier especially for SMEs, and protecting our interests in any sensitive areas, including beef.

Ireland supports the Commission in these negotiations which aim to achieve an ambitious and comprehensive agreement contributing to growth and jobs in Ireland and the EU. We will seek to maximise any potential benefits for our economy and our citizens throughout the negotiation period.