Bruton seeks €100bn deal in US

The Government is seeking to hammer out a lucrative EU-US trade agreement, which could be worth up to €100m to the economy.

Richard Bruton, the jobs and enterprise minister, who is chair of the EU’s Council of Trade Ministers will meet high-level delegates from the Obama administration in Washington today, including ambassador Ron Kirk, the US trade representative, and Mike Froman, deputy national security advisor for international economic affairs.

Taoiseach Enda Kenny has said agreement on the landmark deal would be one of the priorities of Ireland’s EU presidency.

Mr 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% annually. This equates to a total of over €100bn in additional economic activity.”

Today’s negotiations are part of a initiative launched by the US and EU in February to broker a new free trade agreement. The aim is to break down remaining trade barriers as well open up new markets in investment, services and public procurement.

In addition, the talks will focus on aligning rules and technical product standards which currently form the most important barrier to transatlantic trade.

“This has clear benefits to Ireland, where over 115,000 people are directly employed in over 700 US firms in Ireland,” said Mr Bruton.

“US firms contribute over €3bn annually to the Irish exchequer in taxes and an additional €14bn to the Irish economy in expenditure on payrolls, goods and services.

“Ireland’s exporters also stand to benefit significantly from a new deal. Conservative estimates put these benefits at over €100m each year.

“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.”

Mr Bruton has been in the US for the past week, leading a trade delegation to Texas. The mission included 40 companies and involved more than 20 trade and investment-related meetings and events, culminating in participation by more than 12 innovative Irish tech companies in the South by South West technology event in Austin.