How will Ireland benefit?
Ireland has a greater dependence on the US export market than any other EU Member State. In 2013, we exported €18 billion worth of goods to the US, equivalent to 21% of our total exports of goods.
However, Irish exporters pay in excess of $300 million per year in tariffs to the US Treasury and are excluded from some markets.
And tariffs aren’t the only problem. Non-tariff barriers such as customs procedures and regulatory restrictions can be even more costly.
In 2015 the Irish Department of Jobs, Enterprise and Innovation commissioned a detailed report to find out what economic opportunities and impacts a TTIP agreement would have on Ireland.
The study by consultancy experts, Copenhagen Economics, found that if implemented in the current economy, TTIP would increase Ireland’s GDP by 1.1% or €2 billion.
Real national income - a measure of actual purchasing power – would be up by €2.4 billion and investment in Ireland would increase to a level 1.5% above what it would be without an agreement.
The report also found that TTIP would increase exports from Ireland to the world by around 4% and improve Ireland’s trade balance by €2.4 billion.
According to the study a successful TTIP would also bring between 5,000 to 10,000 new export-related jobs to Ireland and improve wages for all skill groups by an average of 1.5%.
The report predicts new opportunities for many Irish industry sectors including pharmaceuticals and chemicals, Agri-food (notably dairy and processed food), insurance and machinery.
It also warns that Ireland’s beef producers may have to prepare for increased competition from cost efficient US beef producers in the European market.