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EU Trade Council on Friday reached agreement on mandate to start talks on Transatlantic Trade and Investment Partnership

The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, is today (Monday) in Brussels to brief the EU Parliament on Friday’s historic agreement at the EU Trade Council on a mandate to start talks with the US on a Transatlantic Trade and Investment Partnership (TTIP).

Last Friday the Council of EU Trade Ministers, chaired by Minister Bruton, reached agreement on a mandate that will enable the start of talks on a transatlantic trade deal. Securing agreement on a mandate has been a key priority of the Irish EU Presidency, as part of its agenda of Jobs, Growth and Stability.

Minister Bruton said: "There is strong momentum for a new EU-US trade deal and a strong desire among EU Governments to ensure steady progress is made once negotiations start. I know that there is equal enthusiasm for a far-reaching and ground-breaking deal on the US side."

"Reaching agreement among EU Trade Ministers on the terms of the EU’s negotiating mandate was a top priority for the Irish Presidency. The priorities for the Irish Presidency are Stability, Growth and Jobs and an EU-US trade agreement holds massive potential in each of these areas."

"Both sides understand that a comprehensive deal on areas such as common regulatory standards and investment rules holds massive potential for economic growth and jobs. At a time when economic stimulus is being called for in all Member States, it’s clear that this deal offers the cheapest and biggest stimulus package available. A comprehensive Trade and Investment Partnership could over time boost EU GDP by 0.5% per annum and help create approximately 400,000 jobs in the EU."

"The transatlantic trading relationship is the most significant in our global economy, accounting for more than 15 million jobs on either side of the ocean. But its full potential is far from being tapped. A new deal offers significant opportunities to indigenous firms in all sectors to export to the huge US market. It will also benefit US firms in Ireland who already employ over 115,000 people directly."

ENDS