Proposed US-EU trade deal will uphold standards, says EU

There will be no "watering down" of standards on consumer, health, labour or environmental protection under a proposed new trade agreement between the United States and the European Union, the EU's most senior diplomat in the US has insisted.

David O'Sullivan was speaking at an event in Dublin jointly organised by the Institute of International and European Affairs and the European Commission to discuss the Transatlantic Trade and Investment Partnership (TTIP) currently being negotiated.

Mr O’Sullivan, a former director general for trade with the European Commission, said TTIP fitted with the EU’s broader trade strategy will help open new markets around the world.

Mr O'Sullivan said the US was a vital export market for Ireland, with food and drink exports alone worth more than €500 million in 2013. US firms were also playing a major role in Ireland's economic recovery.

“They have invested around €189 billion here since 1990, more than the combined total of US investments to Brazil, Russia, India and China.”

Acknowledging controversies and concerns about the negotiations, Mr O’Sullivan said the EU had “gone out of its way” to ensure there was an “unprecedented level of transparency” in the negotiations “at least on the European side”.

But that had not prevented “scaremongering”.

“There will be no watering down of our standards on consumer, health, labour or environmental protection. On the contrary, we will uphold them and, where possible, reinforce and extend them.”

Tom Healy, director of the Nevin Economic Research Institute, which is funded by trade unions, called for caution in the negotiations.

“I think perhaps a little bit more dispassion is necessary here because there are strong arguments being made for TTIP by the European Commission, by the United States government, in our own country the various Government departments are extremely enthusiastic about this and I think it’s necessary to have a more informed, a more inclusive debate, not only in our own parliament but in wider civil society,” he said.

Chief executive of the Dublin Chamber of Commerce Gina Quin said she believed overall that TTIP would be good for business and good for SMEs. It could help reduce the cost of doing business and would help open up the US market. Ms Quin said the pressure needed to be kept on to conclude the agreement as soon as possible.

Mr O’Sullivan told the large attendance at the event in the National Gallery he hoped it would be possible to conclude the deal within the lifetime of the current US administration.