The Minister for Jobs, Enterprise and Innovation says a transatlantic trade deal with the United States could bring over 4,000 jobs to Ireland.

Richard Bruton is holding high level talks with US officials at Dublin Castle today. It is in a bid to secure agreement on a new trade deal between America and Europe.

So far this morning the issues of trade defence and the World Trade Organisation (WTO) have been discussed.

The meeting is being attended by Mike Froman, US Deputy National Security Advisor for International Economic Affairs and member of the US National Security Council and National Economic Council, key figure in the Obama administration on international trade issues.

Trade Ministers from all EU Member States are also there, as will the EU Commissioner for Trade Karel De Gucht.

Boost for GDP

According to assessments made by the EU Commission and other European bodies a trade and investment partnership could over time boost EU GDP by 0.5% per year and help create approximately 400,000 jobs in the EU.

Minister Bruton - “I hope this informal meeting of the EU’s Trade Council will allow us to continue the strong progress being made on international trade issues during the Irish Presidency. Key among these is the potential Transatlantic Trade and Investment Partnership between the EU and US. Making progress on this is a priority of the Irish Presidency."

Trade between the EU and the US accounts for over 40% of global GDP with goods and services worth over €2 billion traded across the North Atlantic every day.

A new agreement has the potential to boost GDP in both economies by 0.5%. This could amount to an extra €68 billion for the EU.

Minister Bruton says the special Irish relationship with the US has added an extra dimension to this EU Trade Council meeting.