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TTIP could only benefit Irish Citizens by €2.60 - Lynn Boylan MEP

24 November, 2014 - by Senator Lynn Boylan

Sinn Féin Dublin MEP Lynn Boylan has questioned the benefits the Transatlantic Trade and Investment Partnership (TTIP) would bring to the Irish people.

Speaking today from Strasbourg she said:

“According to an independent study, TTIP could only benefit people by at best €2.60, and at worst by €1.50. There simply has not been enough discussion on this free trade treaty and on the impact this deal could have on a small open economy like Ireland. The implementation of this treaty as it stands would be hugely detrimental to Ireland’s negotiating power with US-based multi-nationals.

Sinn Féin, along with European countries including France, Germany and the UK are opposed to the investor-state dispute settlement provision which would enable corporations to sue the Irish Government if legislation has a negative impact on their economic activity. It has even been suggested that this mechanism could significantly hamper the states’ ability to raise the minimum wage without being sued by US firms based here.

The crux of the matter is that TTIP is bad for workers; the EU itself has admitted that TTIP will probably cause unemployment in some sectors, which will adversely affect the under -employed in Europe especially young people.

It’s bad for the environment, the US has looser restrictions on the use of pesticides, and it will dilute our food safety standards. Differences between regulations in Europe and North America are markedly different in Europe a company has to prove a substance is safe before it can be used; in the US any substance can be used until it is proven unsafe. The obvious risks to working conditions and environmental regulations far outweigh the potentially modest monetary gain

I am really looking forward to contributing to this debate and discussing Sinn Féin MEP Matt Carthy’s document outlining some of the potential consequences of this trade deal for sectors such as employment, agriculture and the environment.

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