Description:EU and U.S. business leaders met in Dublin Castle in April 2013 at a Business Round Table organised by Ibec, in parallel to a meeting of EU trade ministers, to advance talks towards a major new transatlantic trade deal during the Irish EU Presidency. The Dublin meetings were viewed as crucial in achieving the launch of formal negotiations in June 2013 and determining the likely parameters of a new free trade agreement, the Transatlantic Trade and Investment Partnership (TTIP), which has the potential to provide a major economic boost to both the Irish and global economies.
Implication(s):A new transatlantic trade deal has the potential to lay the foundation for a new and dynamic phase of economic renewal in both European and the US. It would constitute the most important bilateral trade initiative ever negotiated and, as a trading nation with strong cultural and economic links to the US, Ireland is particularly well-placed to benefit. The potential for job creation, new investment and economic growth is enormous. Businesses here would benefit from lower costs, increased opportunities and ease of investment, a reduced regulatory burden and new public procurement opportunities. A recent survey has projected that 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 free trade agreement.
Current Position:In April 2014, a business delegation led by BUSINESSEUROPE President Emma Marcegaglia, CEO Markus Beyrer and chair of the US network, Pat Ivory (Ibec) visited Washington to emphasise the need for the EU and US to show progress and concrete results on TTIP negotiations in order to retain the support of business. The delegation met with US Trade Representative (USTR) Mike Froman, Members of Congress and high-level government officials from the USTR, Department of Commerce and the White House. The group also met with Tom Donohue, US Chamber of Commerce, the National Association of Manufacturers (NAM) and the Trans Atlantic Business Council (TABC). The visit took place ahead of the fifth round of TTIP negotiations which took place from 19-23 May 2014.
Phone: +353 1 605 1676
Last Updated: 05/27/2014