US Trade Advisor Froman and EU Ministers address key trade issues EU Trade Ministers are closer to reaching
the common position required to start negotiations on a new EU-US Trade and
Investment Partnership Agreement, according to Minister for Jobs,
Enterprise and Innovation, Richard Bruton TD, current chair of the Trade
Council of Ministers. The Minister has set a date of end-June for final
agreement on the mandate to start talks on the Transatlantic Trade and
Investment Partnership.
EU Trade Ministers were today meeting in Dublin at an “informal” meeting of
the EU’s Trade Council to discuss key international trade issues. Among the
items discussed were the proposed Transatlantic Trade Partnership between
the EU and the US and the future leadership of the World Trade
Organisation. The event was also attended by EU Commissioner for Trade
Karel De Gucht and International Trade Advisor to the US President, Mike
Froman.
A major new study published in March says EU exports to the US would
increase by 28%, or €187 billion, each year as a result of the increased
trade from a new EU-US Trade Agreement. An agreement between the two
economic blocs would also increase global trade. This would produce an
additional 6% growth in exports for the EU, bringing the total benefit to
the EU of a new trade agreement to €220 billion.
According to assessments made by the EU Commission and other European
bodies, a comprehensive Trade and Investment Partnership could over time
boost EU GDP by 0.5% annually and help create approximately 400,000 jobs
in the EU.
The Transatlantic Trade and Investment Partnership will extend beyond the
removal of tariffs, to include the opening of markets on investment,
services and public procurement. In addition, it will focus on aligning
rules and technical product standards, which currently form the most
important barrier to transatlantic trade.
Minister Bruton commented: “I’m delighted to say real progress towards
achieving an agreement among Ministers has been made at this Trade Informal
in Dublin. This agreement is a crucial part in the process of starting
negotiations on a new EU-US Trade and Investment Partnership Agreement.”
“I am aiming to secure agreement on the EU mandate before the end of the
Irish Presidency in June. I look forward to continuing to work with my
Ministerial counterparts from across the EU to deliver on this important
piece of work.”
“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.
That is why I am working hard to move this process forward.”
“There is also huge potential for the EU and Ireland in the conclusion of
new trade agreements with Canada and in the longer term with Japan. We are
also extending the reach of the EU’s new trade agreements in key Asian
markets where trade talks are underway with fast growing economies such as
Vietnam, Thailand and Malaysia.”
“I want to warmly thank the US Deputy National Security Advisor for
International Economic Affairs Mike Froman for attending the Trade Council
Informal in Dublin. It provided a very valuable opportunity for EU Trade
Ministers to hear first-hand the approach the US side proposes to take. It
also allowed him to see the support among Member States for a far-reaching
trade agreement.”
In a first for the EU, a key figure from President Obama's
administration in Washington, Mike Froman, Deputy National Security Advisor
for International Economic Affairs, met with EU Ministers to discuss the
issues around a new EU-US Free Trade Agreement. This is the first time a
representative of the US Administration has discussed EU-US trade relations
directly with EU Trade Ministers.
It followed a series of high level meetings by Minister Bruton in
Washington in March with key figures in President Obama's administration
including Deputy National Security Advisor for International Economic
Affairs Mike Froman and USTR Ambassador Kirk. EU Trade Ministers must reach
agreement on a draft negotiating mandate before the European Commission can
start negotiations with the US Administration.
ENDS
NOTES FOR EDITORS
During the Irish Presidency of the Council of the EU, Minister Bruton
is responsible for chairing or co-chairing meetings of the
Trade, Competitiveness and EPSCO (Employment and Social Policy) Councils.
As well as chairing five formal Councils, Minister Bruton is involved in
hosting three Informal Ministerial Council meetings in Dublin during the
Presidency. The EPSCO Informal was held in February and the Competitiveness
Council Informal will take place on 1-3 May.