EU-US trade talks to begin in summer
EU trade ministers on Thursday (18 April) set an end-of-June deadline to reach an accord on the mandate to start negotiating a transatlantic trade and investment partnership that is strongly backed by EU leaders and US President Barack Obama.
Dilomatic sources say the intention is the Group of Eight summit meeting in Northern Ireland in June can help set the stage.
“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,” said Richard Bruton, Irish minister Jobs and Enterprise Minister. Ireland is currently holding the rotating presidency of the EU.
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 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,” added Bruton.
The Transatlantic Trade and Investment Partnership (TTIP) 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.
In: Growth & Competitiveness