Pat the Cope Gallagher MEP has said today that the choice to approve or reject the Transatlantic Trade and Investment Partnership (TTIP) will be the most important economic decision to face the next European Parliament.

The fourth round of negotiations between the EU and US was completed in March 2014 and the next rounds of negotiation are set to resume on 19 May next.

Pat the Cope Gallagher MEP said today “Ireland stands to benefit more than most from a positive outcome to the trade negotiations between the EU and USA. Gains to Ireland are estimated at €800 million per year in increased GDP, as well as adding 4,000 new jobs to the economy.”

Mr. Gallagher said today “We need to see a positive and timely conclusion to the EU-US trade talks as this will be good news for the 1,000 multinational companies that are based in Ireland, including 700 from the USA. It will also be good news for our indigenous companies and SMEs that export globally.”

“Combined, the EU and US economies represent over 50% of global GDP. The EU-US trade relationship generates close to €3.8 trillion in commercial sales each year. It is expected that every year an average European household would gain €545, as the European economy would be boosted by 0.5% of GDP or €120 billion annually, once fully implemented.”

Mr. Gallagher also confirmed “The consent of the European Parliament is required to conclude this critically important trade deal for Ireland and for the more than 115,000 Irish people employed with US companies. The decision to approve or reject the TTIP will be the most important economic question to face the next European Parliament due to the enormous benefits for Ireland and the EU.”