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Minister must clarify claims that TTIP will benefit Irish SME sector - Matt Carthy MEP

23 June, 2015 - by Matt Carthy MEP

Sinn Féin MEP for the Midlands North West Matt Carthy, speaking today in advance of an Oireachtas Committee discussion on the Transatlantic Trade and Investment Partnership (TTIP), has called on the Minister for Jobs, Enterprise and Innovation Richard Bruton to clarify claims that TTIP will benefit Irish SMEs.

Carthy said:

“Minister Bruton and his Fine Gael team have enthusiastically endorsed the proposed Transatlantic Trade and Investment Partnership on the false premise that it will benefit the SME sector in Ireland.

“But government's own commissioned Copenhagen Economics Report, flawed as it is, shows clearly that the benefits for Irish SMEs will be very limited.

“The Report shows that in real terms foreign firms will benefit by 3.5% while Irish firms will only benefit by 0.34%.

“Furthermore, the report states that in six out of the eight sectors where all exports are produced by Irish firms, those exports are expected to fall as a result of TTIP.

“In terms of employment, projections in the report indicate that job losses due to increased competition and the closure of Irish owned firms will direct workers towards foreign owned enterprises.  The European Commission has estimated that TTIP will lead to displacement of between 600,000 and 1million jobs.  From an Irish perspective this job displacement will undoubtedly affect SMEs greatest.

“The Minister’s claim that this deal will benefit Irish SMEs is based on failed logic which does not stand up to scrutiny and contradicts the report commissioned by the Government at a cost of €250,000 exc VAT.

"It is time for the Minister to stop presenting this deal as the saviour of Irish SMEs and realise that its implementation could have disastrous consequences for the Irish SME sector."

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