Ibec, the group that represents Irish business, today welcomed the introduction of the Trade Promotion Authority (TPA) bill to the US Congress, which should inject much needed momentum into ongoing negotiations on a new EU-US trade deal, the proposed Transatlantic Trade and Investment Partnership (TTIP). The bill strengthens the US administration's ability to conclude trade deals, which can then be put before Congress for an 'up or down' vote rather than being subjected to numerous amendments.
Ibec Head of EU and International Policy Pat Ivory, speaking from Washington, said: "The bill comes at a critical time, with the next round of TTIP negotiations beginning next week in the US. The recent Irish Government study on the impact of TTIP shows that the benefits to Ireland would be much higher than elsewhere in Europe. A deal would increase the size of the Irish economy by over 1% and add between 5,000 and 10,000 jobs in export industries. Ibec is calling on the European Commission and US Government to complete the negotiations as soon as possible. A strong deal, based on high-standards, will support economic growth and job creation."
The TPA bill provides for greater transparency in trade negotiations and more detail on agreements being provided before the US Congress votes. It is also designed to help conclude US negotiations on a Trans-Pacific Partnership (TPP) with twelve countries including Japan, Vietnam, New Zealand and Australia.