Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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30. To ask the Minister for Jobs, Enterprise and Innovation his views regarding the transatlantic trade and investment partnership; and if he will make a statement on the matter. [28661/15]

Richard Bruton (Dublin North Central, Fine Gael)
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A trade agreement between the EU and the US has a huge significance for Ireland.

The relationship between Ireland and the United States is a systemically important one, with close business and economic ties, but also a huge Irish diaspora in the US and unique cultural and political links. The €55 billion in Irish-US trade demonstrates the importance of our economic, investment and business ties. The 135,000 jobs provided in the US by Irish companies and the 120,000 jobs provided by US companies in Ireland, demonstrates how interconnected our economies are.

According to assessments made by the EU Commission, a comprehensive TTIP could over time boost EU GDP by 0.5% bringing significant economic gains as a whole for the EU. This converts into 400,000 jobs across the EU. An independent study commissioned by my Department, carried out by Copenhagen Economics, estimates that these benefits in Ireland will be proportionally greater than in the EU as a whole. It suggests a boost to GDP of 1.1%, growth in Irish exports of almost 4%, increases in investment of 1.5%, and an 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. Many of these are part of European supply chains where their exports to the UK, Germany or elsewhere to the EU, feed into Europe's exports to the U.S.

Ireland's interests in the TTIP negotiations will be assisted by the indications from the Copenhagen Economic study. We will seek to have opportunities created in the agreement where we have clear strengths, and we will seek defend our interests where we have sensitivities.

As an economy that lives and grows by the freedom to trade, we have first-hand experience of how trade liberalisation has continually shaped and reshaped our economy. The Copenhagen Economics study should also inform our policy responses as a result of TTIP. Some of these may arise from sector impacts that have been identified in the Copenhagen Economics study.

We have used openness to trade in the past, and will continue to use it, as an instrument for structural reform, modernisation and development, creating new opportunities for innovation and stronger productivity growth with higher skilled jobs throughout the economy.