On 7 February, the Irish Presidency announced that EU US trade relationships can go further and maximise the potential of the transatlantic market place.
The Irish Presidency announced that, “it will take forward the forthcoming recommendations of the High Level Group on Jobs and Growth, including working towards a new generation comprehensive EU-US Free Trade and Investment Agreement.”
Following, this week’s General Affairs Council, chaired by Eamon Gilmore (Tánaiste/Irish Deputy Prime Minister) which addressed the issue of international trade, the Irish Presidency issued a press release regarding the overall usefulness of trade.
Some of the bullet points, explaining EU’s need to expand its trade agreements were: (i) trade is fundamental to Presidency priorities of stability, growth and jobs; (ii) EU needs thriving trade in goods, services and investments; (iii) EU needs new market access opportunities, including rapidly growing markets; (iv) in the future, 90 per cent of world growth will be generated outside the EU; (v) and developing and emerging countries are likely to account for nearly 60 per cent of world GDP by 2030.
Moreover, the Irish Presidency stressed the need for EU to finalise the trade agreements with Canada and Singapore. Furthermore, the Presidency announced that it will seek to advance Free Trade Agreement negotiations with Japan, India and other strategic partners, and to improve the EU-China relationship with a focus on market access and investment protection.
Last but not least, it will aim to strengthen relationships with Eastern and Southern European neighbours and support their economic and social development.