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Dublin: 9°C Thursday 19 May 2022

World business leaders meet in Dublin to advance transatlantic trade deal

The round table discussion will coincide with the meeting of EU trade ministers at Dublin Castle.

Dublin Castle.
Dublin Castle.
Image: William Murphy via Flickr

BUSINESS LEADERS FROM THE United States and the European Union will meet in Dublin Castle today at a business round table organised by IBEC, the group representing Irish employers.

The round table is to coincide with the meeting of EU trade ministers in an effort to advance talks towards a major new transatlantic trade deal.

IBEC said today that the meetings will be “crucial” in determining the likely parameters of a new free trade agreement, the Transatlantic Trade and Investment partnership (TTIP) which it said “has the potential to provide a major economic boost to both the Irish and global economies”.

A new survey of 142 companies, conducted by IBEC shows that 52 per cent think a deal would lead to increased trade with the US and 20 per cent thin kit would increase investment in their company. A further 19 per cent indicated that a deal would lead to job creation in their firm.

The Dublin Castle discussions will be chaired by President and CEO of the US Chamber of Commerce Tom Donohue and President of BusinessEurope Jürgen Thumann, and will be attended by Minister for Jobs, Enterprise and Innovation Richard Bruton, European Commissioner for Trade Karel De Gucht, the leaders of European business federations and senior European and Irish business figures.

Speaking in advance of the meetings IBEC Chief Executive Danny McCoy said that a deal has the potential to “kick-start” a new phase of economic renewal on both sides of the Atlantic.

“A deal would constitute the most important bilateral trade initiative ever negotiated and, as a trading nation with strong US ties, Ireland is particularly well-placed to benefit,” he said.

A recent survey has projected that EU exports to the US would increase by 28 per cent, or €187 billion, each year as a result of the increased trade from a new EU-US free trade agreement (FTA). An agreement between the two economic blocs would also increase global trade. This would produce an additional 6 per cent growth in exports for the EU, bringing the total benefit to the EU to €220 billion per annum.

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