EU-US trade deal would add 1.1% to Irish GDP
A comprehensive deal would bring a 1.1% increase to Irish GDP; increase Irish real national income by €2.4 billion; create 5,000-10,000 extra jobs in exporting sectors and increase real wages by 1.5%
Print27 March 2015
Ireland’s GDP would be increased by 1.1% and 5,000-10,000 extra jobs would be created in exporting sectors if a comprehensive trade and investment agreement is secured between the EU and the US, according to an independent economic impact study published today (Friday, 27 March).
The Transatlantic Trade and Investment Partnership (TTIP) report is being formally launched by the Minister for Jobs, Enterprise and Innovation Richard Bruton at an event this morning in Dublin Castle attended by Cecilia Malmstrom, EU Commissioner for Trade, as well as Martin Hvidt Thelle, lead author of the report.
The findings of the report, prepared by leading international economics consultancy Copenhagen Economics, are that a comprehensive deal would bring a 1.1% increase to Irish GDP; increase Irish real national income by €2.4 billion; create 5,000-10,000 extra jobs in exporting sectors and increase real wages by 1.5%.
The report also finds that TTIP would have a more significant positive impact on SMEs than on other types of business. Enterprise Ireland already supports over 3,000 exporting Irish SMEs, and the Agency stands ready to support Irish companies seeking to take advantage of the opportunities for extra export sales offered by TTIP, via its network of four offices in the USA, which has expanded in recent years as part of the Action Plan for Jobs.
Speaking as he launched the report, Minister Bruton said:
“The most important thing to know about TTIP is that it will improve Irish GDP by 1.1% and create 5,000-10,000 extra jobs in exporting sectors. That is why we prioritised this issue under our Presidency, and that is why we are strongly supporting the achievement of a comprehensive agreement now.
“As a small open economy Ireland’s ability to grow and create jobs is directly linked to our ability to sell our goods and services overseas. That is why the TTIP is so important to Europe, but Ireland in particular – because it will allow Ireland grow its trade with the US and grow jobs back at home. This is another example of the ways in which we as a Government are building a sustainable economy based on exports and enterprise, to replace the failed model based on property and debt which collapsed.
“It is by achieving sustainable full employment in this way that we can ultimately grow our tax revenues, deliver improved services and put money into people’s pockets through income tax cuts.”
Ibec is calling on the European Commission and US Government to complete the negotiations as soon as possible.
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