June deadline set for EU-US trade deal

An end-of-June deadline for final agreement on the mandate to start talks on the proposed EU-US trade deal, has been set by Jobs and Enterprise Minister Richard Bruton.

The minister — speaking after yesterday’s meeting of EU trade ministers at Dublin Castle — said that “real progress” has been made and that the aim is to formally agree the EU mandate before Ireland’s EU presidency closes in June.

“The Irish presidency has prioritised stability, growth and jobs. A new trade deal has the potential to provide a real boost to economic growth and job creation, without the need for increased expenditure by governments,” the minister said.

It has been estimated that the new Trade and Investment Partnership between the two regions would increase EU export value to the US by 28%, or €187bn per annum and boost global EU exports by 6%, benefiting the region by €220bn.

A member survey, conducted by Ibec earlier this week suggested the benefits of a deal for Ireland alone, could be an €800m per year boost to the economy and the creation of 4,000 new jobs.

Also speaking at yesterday’s meeting at Dublin Castle, Fine Gael MEP Sean Kelly said that a comprehensive transatlantic trade and investment partnership would mean an extra €545 in disposable income per year for every family of four in the EU.

Drawing on a study from the Centre for Economic Policy Research, Mr Kelly said it was clear that the EU and Ireland could reap real rewards from increased trade with the US, but it was up to negotiators to achieve the best possible terms.

He said some sectors, such as agriculture, were worried they could suffer from a deal and their fears have to be taken seriously: “An agreement that favours one sector but disadvantages another is of no real benefit. The views of Irish agriculture will have to be factored in from the outset. I want an agreement that benefits all.”

Mr Kelly was representing the EU as a member of the European Parliament’s delegation for relations with the US.