EU-US Trade and Investment Partnership could boost EU GDP by 0.5%
Ireland’s Minister for Jobs, Enterprise and Innovation and current Chair of the EU Trade Council, Richard Bruton TD is encouraging his fellow EU Trade Ministers to seize the opportunity to boost EU jobs and growth by reaching agreement at tomorrow’s EU Trade Council in Luxembourg to allow the start of EU-US trade talks.
The meeting of EU Trade Ministers will consider a number of items including the EU-US Transatlantic Trade and Investment Partnership (TTIP), EU-China trade and investment relations, the EU-Canada Trade Agreement and labour conditions in Bangladesh. Trade Ministers from all EU Member States will attend, as will the European Commissioner for Trade Karel De Gucht.
Minister Bruton said: “The priorities for the Irish Presidency are Stability, Jobs and Growth and an EU-US trade agreement holds massive potential in each of these areas."
Minister Bruton - "A comprehensive Trade and Investment Partnership could over time boost EU GDP by 0.5% per annum and help create approximately 400,000 jobs in the EU."
"I am encouraging my fellow EU Trade Ministers to keep this significant prize in mind when we meet tomorrow to discuss the EU mandate to start negotiations.”
“The transatlantic trading relationship is the most significant in our global economy, accounting for more than 15 million jobs on either side of the ocean. But its full potential is far from being tapped. A new deal offers significant opportunities to indigenous firms in all sectors to export to the huge US market.”
Minister Bruton - “Reaching agreement among EU Trade Ministers on the terms of the EU’s negotiating mandate has been a top priority for the Irish Presidency since January."
"It is the reason why since January I have met one-to-one with senior Government officials from EU Members States and the US Government.”
“The Irish Presidency has already done considerable work on the draft mandate that will be given to the Commission to commence negotiations. This includes the mention of "red-line" issues in the EU's negotiating position. We will continue to work with Member States on the text of the mandate over the coming days in order to maximise the chances of agreement at tomorrow’s meeting.”
Notes for Editors
Trade between the EU and the US accounts for over 40% of global GDP, with goods and services worth over €2 billion traded across the North Atlantic each day.
A comprehensive and ambitious new agreement has the potential to boost GDP in both economies by 0.5%. Given the size of the transatlantic economy this could amount to an extra €68 billion for the EU.