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March 30th, 2015 @ 09:10

EU US Trade Agreement to Have Significant Impact on Irish GDP

27/03/15

Real wage increases of up to 1.9% one of many benefits

Chambers Ireland has welcomed the release of the Copenhagen Economics report on the Transatlantic Trade and Investment Partnership (TTIP) agreement which predicts a large and positive impact for the Irish Economy.

Speaking this morning Ian Talbot, Chief Executive said “This trade agreement being negotiated between the EU and the US has the potential to increase Ireland’s annual GDP by at least €2 billion. While direct savings of tariffs of up to $300 million per annum is significant, the potential for the reduction or elimination of costly regulatory barriers, which typically only large companies have the capacity and resources to address, provides a great opportunity for SMEs in Ireland to export to the US.” 

“As you would expect, the negotiations are very complex. Any new trade agreement will take some years to fully implement and therefore we encourage the negotiators for both regions to leverage the current momentum on both sides of the Atlantic to reach a deal that will allow both economies to realise the full benefits as soon as possible.

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