The potential effects and impacts of an EU-US trade agreement known as the Transatlantic Trade and Investment Partnership (TTIP) on key industries in Malta were discussed in a series of sectorial roundtables organised by the Malta Business Bureau in collaboration with the European Parliament Information Office.
The sessions brought together MEPs Dr Roberta Metsola, Dr Alfred Sant and Dr Miriam Dalli, who participated in the presentations, as well as representatives of major enterprises and entities from the manufacturing, pharmaceuticals and healthcare, financial services, and transport and logistics sectors. Representatives from the Malta Chamber of Commerce, Enterprise and Industry and relevant ministries also attended the event.
The TTIP is a wide-ranging agreement currently being negotiated between the EU and the USA. A European Commission report states that the removal of trade barriers with the US could potentially increase Malta’s real capital income by 4.84 per cent. Therefore, it is in Malta’s interest to focus on assessing the impact of its competitive advantages in relation to European counterparts.
The importance of maintaining existing European standards is vital if the TTIP negotiations are to succeed. During the consultation sessions, it was stated that the stakeholders at national level must be urged and encouraged to contribute a timely input about the issues and concerns that should be raised at EU level.
The feedback gathered from the sessions fed into a report on the impact of the TTIP on Maltese business, which was drawn up with the collaboration of Ernst & Young Malta.