Ireland strengthened by EU-US trade deal

A successful trade agreement between the EU and the US can only strengthen Ireland’s economic bonds with the US and boost incoming foreign direct investment here, a former high-ranking American government official has said.

Speaking at a briefing in Dublin yesterday on the EU-US Transatlantic Trade and Investment Partnership, former US under secretary of commerce, Grant D Aldonas said Ireland can benefit strongly from a trade deal.

Negotiations regarding the proposed Trade and Investment Partnership began last summer and have a conclusion target of the end of this year. If successfully agreed, the partnership would represent the biggest bilateral trade deal ever negotiated, covering more than 40% of global GDP.

Currently, Irish exports to the US are worth more than €18bn and, according to Mr Aldonas, the trade agreement would further stimulate growth between the two countries, as well as providing confidence and stability for US firms investing here.

According to Mr Aldonas: “The US and EU require complementary policies, such as tax reform and domestic intellectual property rules that reinforce the ability to compete in the new transatlantic marketplace. “Ireland’s reputation as a country with strong intellectual property rights plays a critical role in that process and its ability to attract a continuing flow of US investment.”

Last week, IFA president Eddie Downey warned enterprise minister Richard Bruton that such a deal could be damaged by the prospect of Brazil entering an EU trade deal.