Government to discuss impact of EU-US trade deal
A meeting of the Government’s Trade Forum will discuss the impact on Ireland of the EU-US trade deal.
Officials from the Department of Finance are due to give a preliminary analysis of what impact the 15% tariff will have on the Irish economy.
It is also expected that a joint statement could be issued today by the EU and US giving more details of the framework agreement.
Today had been set as the deadline for reaching a trade deal, but following a breakthrough in talks last Sunday, an agreement was reached on a 15% levy on most EU exports to the US. This is now expected to start on 7 August.
The implications of the levy on Irish businesses, jobs and the economy will be the focus of this morning’s meeting at Government Buildings.
It will be the seventh meeting of the forum, which includes State agencies, business groups, unions and senior ministers, to map out Ireland’s response to the trade deal.
Speaking in advance, Tánaiste and Minister for Foreign Affairs and Trade Simon Harris said the deal between the EU and the US “means that the higher tariffs that had been threatened will not now take effect and that the EU will not impose its own countermeasures.”
Mr Harris said the framework agreement will provide “much needed certainty for Irish, European and American businesses who together represent the most integrated trading relationship in the world”.
“While the baseline tariff is 15%, we are still awaiting full details and will have to analyse these when received to understand the full implications,” he added.
The forum will receive an update on the Government’s recently agreed Action Plan on Market Diversification.
The Action Plan, which has been developed jointly by the Department of Enterprise, Tourism and Employment and the Department of Foreign Affairs and Trade, is aimed at enhancing Ireland’s trading relationships with existing, new and emerging markets.
The Tánaiste will also brief the forum on the ratification EU-Canada trade deal, known as CETA.
Mr Harris said: “The proposed amendment to the Arbitration Act 2010 is an essential enabling condition for the ratification of CETA and other similar Free Trade Agreements with third countries that include investment protection provisions, including Singapore, Vietnam, Chile and Mexico.”
“As such, this work is an important part of Ireland’s diversification strategy, reducing concentration risk among our trading partners,” he added.
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