Louise Phelan says EU-US trade deal would stimulate jobs growth

Sustained recovery still ‘critically dependent’ on growth in global trade and investment

American Chamber of Commerce Ireland president Louise Phelan has called for a successful conclusion to the EU-US trade deal. Photo:  Jason Clarke Photography

American Chamber of Commerce Ireland president Louise Phelan has called for a successful conclusion to the EU-US trade deal. Photo: Jason Clarke Photography

Fri, Jul 4, 2014, 14:27

American Chamber of Commerce president Louise Phelan has called for a successful conclusion to the EU-US trade deal, saying a sustained recovery was still critically dependent on growth in global trade and investment.

Speaking at the chamber’s annual Independence Day lunch, she said nearly half of global economic output is generated in the US and the European Union combined.

“A successful Transatlantic Trade and Investment Partnership deal (TTIP) would stimulate trade between the EU and the US, and within the EU, leading to a growth in jobs”.

Ms Phelan, who is Paypal’s vice president of global operations for Europe, Middle East and Africa, said almost $3 billion in goods and services are already traded each day between the US and EU.

“This partnership could add a further $100 billion (€73.5 billion) a year to economic output on both sides of the Atlantic - a market of 800 million people”.

More than 115,000 people are directly employed in over 700 US businesses in Ireland accounting for 70 per cent of all IDA supported employment.