To coincide with the fifth round of negotiations between the U.S. and the EU for the Transatlantic Trade and Investment Partnership (T-TIP) that are taking place in Arlington, Virginia, the U.S. Embassy in partnership with the American Chamber of Commerce Ireland, Dublin Chamber of Commerce and the Ireland United States Alumni Association hosted an Economic Leaders Forum entitled “Drivers of Growth in the US-Irish Relationship” at the U.S. Ambassador’s Residence, Phoenix Park on May 19th.
Chargé d’affaires of the U.S. Embassy, Stuart Dwyer was joined by American Chamber of Commerce Ireland CEO, Mark Redmond and Lilly’s Senior Director for International Government Affairs, David Talbot, to discuss how the US – Irish economic relationship fits into the bigger picture as talks on the US – EU Transatlantic Trade and Investment Partnership progress. The forum was chaired by Gina Quin, CEO, Dublin Chamber of Commerce.
Stuart Dwyer, Chargé d’affaires at the U.S. Embassy praised the powerful U.S. – Ireland trade and investment relationship which he said could be used “as a showcase to encourage a trans-Atlantic policy framework that delivers long-term growth.” He also added that “SME’s are disproportionally impacted by trade barriers and so they have much to gain from an agreement.” AmCham EU Managing Director, Susan Danger said that “T-TIP is vital for European economic recovery. It is a non- austerity measure that will not cost budgets anything.” David Talbot said T-TIP is “the most appealing option for stimulating growth” and he added that “now is time for stakeholders to engage in the process and an opportunity to have their say.” American Chamber of Commerce Ireland CEO, Mark Redmond said an agreement would “boost jobs and incomes in both the US and EU particularly in the SME sector”, in addition to increasing “choice and reducing prices for consumers”.
T-TIP will be an ambitious, comprehensive, and high-standard trade and investment agreement that offers significant benefits in terms of promoting international competitiveness, jobs, and growth. This trade and investment agreement will aim to boost economic growth in the United States and the EU and add to the more than 13 million American and EU jobs already supported by transatlantic trade and investment.
Talks on a future EU-US trade deal started in July 2013 and are set to continue throughout 2014. An EU-US trade agreement would cut businesses’ costs and generate enough growth and jobs to boost the EU economy by up to €120 bn. And it would do so whilst respecting both sides’ environmental, labour and consumer protection standards.