No definite deadline in sight for a TTIP deal
Published 25/11/2015 | 02:30
The Transatlantic Trade and Investment Partnership, or TTIP, is the name of the free trade agreement currently being negotiated between the US and the EU.
The negotiations were launched in June 2013 and aim at an ambitious agreement that would eliminate most tariffs on trade across the Atlantic, including agricultural commodities and food.
Yet it appears there is still a way to go. Despite 11 negotiating meetings so far, there isn't even a definite deadline for their completion yet.
Even if the negotiators reach an agreement, ratification by the US Congress on one side, and the EU Council, Parliament and all member states on the other side, is not a foregone conclusion.
Simulation studies suggest that successfully concluding the TTIP negotiations would have large positive effects for the Irish economy. These effects would mainly benefit the manufacturing sector, with limited impacts for the agricultural sector.
Within the agrifood sector, there would be winners and losers. TTIP is expected to lead to increased exports for Irish dairy products and processed foods, but if tariffs are removed, there would be increased competition for Irish beef and other meats.
These products will likely be declared sensitive products and market-opening will take the form of increased access for limited quantities, rather than the elimination of tariffs.