Minister for Jobs, Enterprise and Innovation, Richard Bruton: potential for over €100 billion in additional economic activity
Minister Bruton will today meet senior figures from President Obama's administration in Washington DC as part of a drive to achieve progress on a new EU-US Free Trade Agreement during the Irish Presidency of the EU Council.
Minister Bruton, who chairs the EU's Council of Trade Ministers, will meet figures including Ambassador Ron Kirk, the United States Trade Representative and Mike Froman, Deputy National Security Advisor for International Economic Affairs.
Minister Bruton - A new EU-US free trade agreement has the potential to boost economic activity on each side of the Atlantic by approximately 0.5 per cent annually. This equates to a total of over €100 billion in additional economic activity.
In February, the EU and US agreed to launch negotiations on a new free trade agreement. The Transatlantic Trade and Investment Partnership will extend beyond the removal of tariffs, to include the opening of markets on investment, services and public procurement. In addition, it will focus on aligning rules and technical product standards which currently form the most important barrier to transatlantic trade.
Minister Bruton said:
“A new EU-US free trade agreement has the potential to boost economic activity on each side of the Atlantic by approximately 0.5 per cent annually. This equates to a total of over €100 billion in additional economic activity.
“That is why I am in Washington today to meet with senior officials on the US side. The Irish Presidency of the EU is prioritising stability, jobs and growth. A new trade deal has the potential to provide a real boost to economic growth and job creation.
“In my role as chair of the EU Trade Council, I will be holding a meeting for EU Trade Ministers in Dublin in April. If I can help forge agreement between Europe’s Trade Ministers on a common position, this will give the European Commission the mandate required to open negotiations with their US counterparts on a new deal.”