Progress on the Transatlantic Trade and Investment Partnership (TTIP) is still on going.
But I have decided to use Ireland as a case example to show where the likely impacts and benefits to small business will be.
The government of Ireland recently commissioned a report to investigate the impact to Ireland of the proposed trade agreement between the EU and the US, known as TTIP.
It found that overall that Ireland would benefit higher than any other European county. For Ireland the US accounts for 49% of its non EU trade, which is far higher when compared to the EU average level of 16% . The UK has a just under a 20% non EU trade level.
The report highlighted that TTIP would impact Ireland in the following:
- The economy of Ireland would increase by over 1%
- This would mean a €2 billion increase (using 2013 data)
- This would add export related jobs of between 5,000-10,000
The industries in Ireland which will gain from a TTIP agreement are:
- Manufacturing
- Agri – Food
- Insurance
- Services
The industries which could suffer a negative impact include:
- Beef
- Accountancy
This will be a game changer for many small businesses because by reducing trade and regulatory barriers, it will make financial sense for many more small firms to export and for those already exporting to increase their trade volumes. Now is the time for small and medium sized businesses to start preparing and be ready for the immense opportunities which TTIP will bring.
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