Friday, July 04 14:06:48
The American Chamber of Commerce Ireland's annual Independence Day Lunch gathering heard today that a successful conclusion to the EU-US trade deal would be a major boost for the Irish economy.
Speaking at the lunch, Louise Phelan, President of the American Chamber of Commerce Ireland, said that while Ireland's economy was continuing to strengthen, a sustained recovery was still critically dependent on growth in global trade and investment.
"Nearly half of global economic output is generated in the US and the European Union combined. A successful Transatlantic Trade and Investment Partnership deal (TTIP) would stimulate trade between the EU and the US, and within the EU, leading to a growth in jobs," said Ms Phelan.
"Almost $3 billion in goods and services are already traded each day between the US and Europe. This Partnership could add a further $100 billion (E73.5bn) a year to economic output on both sides of the Atlantic - a market of 800 million people", stated Ms Phelan. "Research published in June by Copenhagen Economics forecast a successful agreement could boost Irish economic growth by 1pc and Irish exports by almost 3pc. An expected benefit is new jobs and new investment in both the SME and multinational sectors in Ireland".
Ms Phelan said that the American Chamber of Commerce Ireland was strongly in favour of a new trade agreement, believing that the proposed Partnership will have benefits for consumers and businesses in Ireland. "The potential benefits are many, including an increase in the volume and value of transatlantic trade and investment. This in turn would boost jobs and incomes particularly in the SME sector; increase choice and reduce prices for consumers and improve the global competitiveness of both Europe and the US", she said.
"The American Chamber of Commerce Ireland believes that Ireland is well positioned to benefit significantly from TTIP. We have built a strong and solid foundation for investment and will see substantial opportunities arise from greater US-EU trade and investment", said Ms Phelan. "The Chamber will continue to support the efforts of both sides to reach an ambitious and comprehensive agreement for the benefit of the Irish and transatlantic economies".