Barry Cowen (Laois-Offaly, Fianna Fail)
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158. To ask the Minister for Jobs, Enterprise and Innovation the cost of the implementation of the Transatlantic Trade and Investment Partnership Agreement to the Exchequer; and if he will make a statement on the matter. [2700/16]

Richard Bruton (Dublin North Central, Fine Gael)
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The EU-US Transatlantic Trade and Investment Partnership Agreement will be the world’s largest bilateral trade and investment deal, and a successful pact is expected to benefit Ireland more than any other EU Member State. It is very important to Ireland as it will build on our already rewarding economic relationship with the US and create new opportunities to stimulate growth, create employment and continue to grow our economy. An independent study commissioned by my Department, carried out by Copenhagen Economics, found that almost half (49%) of Irish exports outside of the EU end up in the US, compared to the combined average of 16% for all Member States, and 25% of foreign direct investment (FDI) in Ireland comes from the US.

Owing to our position as a small open economy, Ireland’s enterprises are particularly well placed to take up opportunities to trade more easily with the US. The key findings of the Copenhagen Economics study, published on the 27th March 2015, are very positive for Ireland. The study estimates that the 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 a jobs gain of somewhere between 5,000 and 10,000 additional export related jobs. The study predicts new opportunities for many Irish industry sectors including pharmaceuticals and chemicals, Agri-food (notably dairy and processed food), insurance and machinery.

This means that every day an EU-US free trade agreement is not signed costs the State the possible benefits and advantages of an agreed deal.

The EU-US trade negotiations herald the start of a new style of trade agreement that not only covers tariffs, trade and investment but also includes regulatory coherence and cooperation, setting global standards, for half the world’s GDP and one-third of the world’s trade. An EU-US trade agreement will tackle a whole range of issues to make business with the US easier. It will remove customs duties, end limitations in access to public contracts, open-up services' market, offer predictable conditions for investors and will also contain guarantees to ensure that economic gains do not come at the expense of democracy, the environment or consumers' health and safety.

The EU-US Free Trade Agreement will open up further opportunities in the US market for Irish companies in particular SME’s. I will continue to seek an agreement that is both comprehensive and balanced and that will deliver real trade and economic potential for our country, bearing in mind our defensive interests, in sensitive areas such as the beef sector, and offensive interests to open opportunities, in areas such as our important dairy industry.

In assessing the potential cost to the Exchequer of any implementation of a Transatlantic Trade and Investment Partnership Agreement it should be noted that customs duties are assessed and collected by Member States on behalf of the EU and are remitted directly to the EU.