Commissioner McGrath Addresses AmCham Members at Southern Dinner

“The strength of the overall EU-US economic relationship will most certainly endure” said Micheal McGrath European Commissioner for Democracy, Justice, the Rule of Law and Consumer Protection who was Guest of Honour at AmCham’s Southern Dinner which was sponsored by Zurich.

In his address to attendees, Commissioner McGrath acknowledged the enduring nature of the EU US economic relationship that is “built on solid foundations, carefully laid over many decades”.

With annual trade between the EU and US accounting for “€1.6tn and investments worth nearly €5tn, supporting millions of jobs today on both sides of the Atlantic” the Commissioner called this relationship “the most important economic and trading relationship in the world”.

In order to safeguard this relationship, the Commissioner said the EU believes that “the new framework agreement between the EU and US does offer the best prospect of stability and predictability" in the current environment of “major geopolitical shifts and serious disruption to the system of global trade”.

He also stressed that the EU will “push against the current global tide” and will “advocate for free and open trade within established rules, because after all this is what has brought an unprecedented period of prosperity to both the European Union and the United States and our people.”

While the pipeline of “top class talent”, the “stable political system” and “predictable business environment” makes the EU attractive to US multinationals the Commissioner noted there is work to be done to improve the EU’s competitiveness.

To achieve this the Commissioner stressed the importance of reducing the burden of regulation on businesses in the EU “to make it easier for companies to do business in the EU, and to grow in the EU."

Looking ahead the Commissioner spoke about “the golden opportunity” that Ireland’s upcoming presidency of the Council of the European Union for 6 months will offer.

Speaking about this opportunity he said: “I know the government will take it to advance the cause of a competitive European economy built on partnerships with like-minded countries, and there is no closer relationship than between the EU and the US.”