Donohue Urges Swift Negotiation of Transatlantic Trade Agreement While in Ireland

DUBLIN, IRELAND—The United States and the European Union should complete the Transatlantic Trade and Investment Partnership (TTIP) in 18-24 months, U.S. Chamber President and CEO Thomas J. Donohue told a group of Irish business leaders at a conference in Dublin, Ireland, today.

“A trade pact with the EU will greatly strengthen our transatlantic economy, creating jobs and growth on both sides of the Atlantic at a time when we badly need them,” said Donohue. “We should negotiate, ratify, and begin to implement TTIP promptly. We owe it to our citizens to get this job-creating agreement done and done quickly.”

Donohue pledged the Chamber’s full support for the agreement, saying the organization would “use every means at its disposal” to help reach a swift, successful negotiation and ratification of TTIP. The Chamber is the U.S. secretariat for the Business Coalition for Transatlantic Trade, a coalition of businesses and trade associations committed to building support for the agreement.

TTIP aims to open the transatlantic market to additional trade in goods and services, investment, procurement, capital, and people, and create a framework to help bridge regulatory differences. If TTIP is approved, in five years it will increase U.S. and EU exports by over $150 billion, make their economies $250 billion bigger, and generate an additional 500,000 high-paying jobs, according to the Chamber. The $5 trillion transatlantic commercial relationship is the largest in the world.

Donohue delivered his remarks at the U.S. Embassy’s New Leaders Economic Forum. Yesterday he co-hosted a conference on the transatlantic economy with BusinessEurope, sponsored by the Irish Business and Employers Confederation, which took place directly after an informal meeting of EU trade ministers. While in Ireland, he also met with government officials, including Ireland’s Prime Minister Enda Kenny, and business leaders. 

“With struggling economies, aging populations, and new competition from emerging nations, we simply cannot afford to forego the prosperity and competitive advantages that would come from a stronger transatlantic partnership,” said Donohue. “The transatlantic partnership has much gain through this agreement and little time to spare.”

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.