Phelan predicts new EU-US trade talks will deliver jobs boost

Expect an increase in transatlantic trade and investment, says American chamber of commerce chief

Louise Phelan, president of the American Chamber of Commerce Ireland, and Mark Redmond, chief executive,  at the chamber’s annual Independence Day lunch in Dublin yesterday. Photograph: Alan Betson

Louise Phelan, president of the American Chamber of Commerce Ireland, and Mark Redmond, chief executive, at the chamber’s annual Independence Day lunch in Dublin yesterday. Photograph: Alan Betson

Sat, Jul 5, 2014, 01:00

Louise Phelan, president of the American Chamber of Commerce Ireland and head of Paypal in Ireland, has predicted that the sixth round of EU-US trade talks in Brussels will lead to more jobs in Ireland.

“An expected benefit is new jobs and new investment in both the SME and multinational sectors in Ireland,” Ms Phelan said at an Independence Day celebration in the Four Seasons Hotel in Dublin yesterday.

“The potential benefits are many, including an increase in the volume and value of transatlantic trade and investment. This in turn would boost jobs and incomes particularly in the SME sector; increase choice and reduce prices for consumers and improve the global competitiveness of both Europe and the US.”

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

“Almost $3 billion in goods and services are already traded each day between the US and Europe. This partnership could add a further $100 billion a year to economic output on both sides of the Atlantic – a market of 800 million people.”

Praise

President Michael D Higgins delivered a keynote speech at the Independence Day lunch where he praised American multinationals for helping Ireland through the economic crisis. “Your contribution has been of vital importance in stimulating Ireland’s recovery from one of the worst economic and financial crises in the history of the State,” he said. “The global financial collapse of 2008 brought to the fore the importance of the moral category of ‘trust’, more than a concept, a principle, which . . . is absolutely central to any flourishing economic life,” he said.