Belfast Telegraph

Thursday 18 December 2014

G8 summit: EU and US trade deal could produce £100bn economic bonanza, says Cameron

G8 Protesters break through an outer fence during a protest near the G8  summit in Loch Erne, Enniskillen.  Paul Faith/PA Wire
G8 Protesters break through an outer fence during a protest near the G8 summit in Loch Erne, Enniskillen. Paul Faith/PA Wire
Anti G8 Demonstrators take to the streets of Enniskillen this evening. PRESS ASSOCIATION Photo. Niall Carson/PA Wire
Protesters breach a wire fence at the outer perimeter of the security cordon at the G8 summit. PRESS ASSOCIATION Photo. Ben Birchall/PA Wire
Protesters breach a wire fence resembling military style 'razor-wire' at the outer perimeter of the security cordon at the G8 summit in Loch Erne, Enniskillen. PRESS ASSOCIATION Photo. Ben Birchall/PA Wire
Britain's Prime Minister David Cameron and US President Barack Obama wave as they arrive at the G8 venue of Lough Erne on June 17, 2013 in Enniskillen, Northern Ireland. The two day G8 summit, hosted by UK Prime Minister David Cameron, is being held in Northern Ireland for the first time. Leaders from the G8 nations have gathered to discuss numerous topics with the situation in Syria expected to dominate the talks. (Photo by Matt Cardy/Getty Images)
Prime Minister David Cameron chairs an EU/US trade summit with US President Barack Obama (left), German Chancellor Angela Merkel (right) and French President Francoise Hollande (not pictured) at this year's G8 Summit on Lough Erne near Enniskillen in Northern Ireland. PRESS ASSOCIATION Photo. Picture date: Monday June 17, 2013. See PA story POLITICS G8. Photo credit should read: Stefan Rousseau/PA Wire
U.S. President Barack Obama glances at Britain's Prime Minister David Cameron during a news conference with European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso at the G8 summit on June 17, 2013 in Enniskillen, Northern Ireland. (Photo by Andrew Winning - WPA Pool/Getty Images)
President Barack Obama meets with Russian President Vladimir Putin in Enniskillen, Northern Ireland, Monday, June 17, 2013. Obama and Putin discussed the ongoing conflict in Syria during their bilateral meeting. (AP Photo/Evan Vucci)
ENNISKILLEN: Anti-G8 protesters march through the streets near the G8 Summit on June 17, 2013 in Enniskillen, Northern Ireland. The two day G8 summit, hosted by UK Prime Minister David Cameron, is being held in Northern Ireland for the first time. Leaders from the G8 nations have gathered to discuss numerous topics with the situation in Syria expected to dominate the talks. (Photo by Peter Macdiarmid/Getty Images)
Anti-G8 protesters pictured beside Enniskillen Castle. Photo-Jonathan Porter/Presseye.
Anti-G8 protesters gather in Enniskillen town centre as they prepare to march out to the Lough Erne Golf resort. Photo-Jonathan Porter/Presseye.
Anti-G8 protesters gather in Enniskillen town centre as they prepare to march out to the Lough Erne Golf resort. Photo-Jonathan Porter/Presseye.
Anti-G8 protesters gather in Enniskillen town centre as they prepare to march out to the Lough Erne Golf resort. Photo-Jonathan Porter/Presseye.
Prime Minister David Cameron welcomes German Chancellor Angela Merkel, to this year's G8 Summit on Lough Erne near Enniskillen in Northern Ireland. PRESS ASSOCIATION Photo. Picture date: Monday June 17, 2013. See PA story POLITICS G8. Photo credit should read: Stefan Rousseau/PA Wire
Northern Ireland Secretary Theresa Villiers (left), Deputy First Minister Martin McGuinness (second left), Irish Taoiseach Enda Kenny (second right) and Northern Ireland First Minister Peter Robinson (right) arrive at this year's G8 Summit on Lough Erne near Enniskillen in Northern Ireland. PRESS ASSOCIATION Photo. Picture date: Monday June 17, 2013. See PA story POLITICS G8. Photo credit should read: Stefan Rousseau/PA Wire
US First Lady Michelle Obama addresses the crowd on stage at the visit by her and her two daughters Malia and Sasha to the Gaiety Theatre, Dublin for a special performance of Riverdance. PRESS ASSOCIATION Photo. Picture date: Monday June 17, 2013. Photo credit should read: Julien Behal/PA Wire
US First Lady Michelle Obama addresses the crowd on stage at the visit by her and her two daughters Malia and Sasha to the Gaiety Theatre, Dublin for a special performance of Riverdance. PRESS ASSOCIATION Photo. Picture date: Monday June 17, 2013. Photo credit should read: Julien Behal/PA Wire
Northern Ireland First Minister Peter Robinson (right), Deputy First Minister Martin McGuinness (left) and Irish Taoiseach Enda Kenny (centre) arrive at this year's G8 Summit on Lough Erne near Enniskillen in Northern Ireland. PRESS ASSOCIATION Photo. Picture date: Monday June 17, 2013. See PA story POLITICS G8. Photo credit should read: Stefan Rousseau/PA Wire
US First Lady Michelle Obama chats with Fionnuala Kenny, wife of Taoiseach Enda Kenny (left) and her two daughters Malia and Sasha (right) the Gaiety Theatre, Dublin for a special performance of Riverdance. PRESS ASSOCIATION Photo. Picture date: Monday June 17, 2013. Photo credit should read: Julien Behal/PA Wire
US First Lady Michelle Obama with her daughters Malia (centre) and Sasha in the crowd at the Gaiety Theatre, Dublin for a special performance of Riverdance. PRESS ASSOCIATION Photo. Picture date: Monday June 17, 2013. Photo credit should read: Julien Behal/PA Wire
US First Lady Michelle Obama acknowledges the crowd with (left to right) Moya Dohery of Riverdance, Fionnuala Kenny wife of Taoiseach Enda Kenny and Sabina Higgins wife of President Michael D Higgins on stage at the visit by her and her two daughters Malia and Sasha to the Gaiety Theatre, Dublin for a special performance of Riverdance. PRESS ASSOCIATION Photo. Picture date: Monday June 17, 2013. Photo credit should read: Julien Behal/PA Wire
US First Lady Michelle Obama addresses the crowd with (left to right) Moya Dohery of Riverdance, Fionnuala Kenny wife of Taoiseach Enda Kenny and Sabina Higgins wife of President Michael D Higgins on stage at the visit by her and her two daughters Malia and Sasha to the Gaiety Theatre, Dublin for a special performance of Riverdance. PRESS ASSOCIATION Photo. Picture date: Monday June 17, 2013. Photo credit should read: Julien Behal/PA Wire
Anti-G8 protesters gather ahead of a G8 demonstration on June 17, 2013 in Enniskillen, Northern Ireland. The two day G8 summit, hosted by UK Prime Minister David Cameron, is being held in Northern Ireland for the first time. Leaders from the G8 nations have gathered to discuss numerous topics with the situation in Syria expected to dominate the talks. (Photo by Peter Macdiarmid/Getty Images)
Anti-G8 protesters gather ahead of a G8 demonstration on June 17, 2013 in Enniskillen, Northern Ireland. The two day G8 summit, hosted by UK Prime Minister David Cameron, is being held in Northern Ireland for the first time. Leaders from the G8 nations have gathered to discuss numerous topics with the situation in Syria expected to dominate the talks. (Photo by Peter Macdiarmid/Getty Images)
Police patrol the security ring placed around the G8 venue of Lough Erne on June 17, 2013 in Enniskillen, Northern Ireland. The two day G8 summit, hosted by UK Prime Minister David Cameron, is being held in Northern Ireland for the first time. Leaders from the G8 nations have gathered to discuss numerous topics with the situation in Syria expected to dominate the talks. (Photo by Matt Cardy/Getty Images)
Police patrol the security ring placed around the G8 venue of Lough Erne on June 17, 2013 in Enniskillen, Northern Ireland. The two day G8 summit, hosted by UK Prime Minister David Cameron, is being held in Northern Ireland for the first time. Leaders from the G8 nations have gathered to discuss numerous topics with the situation in Syria expected to dominate the talks. (Photo by Matt Cardy/Getty Images)
US President Barack Obama is greeted by Britain's Prime Minister David Cameron (L) at the official arrival of the G8 leaders at the G8 venue of Lough Erne on June 17, 2013 in Enniskillen, Northern Ireland. The two day G8 summit, hosted by UK Prime Minister David Cameron, is being held in Northern Ireland for the first time. Leaders from the G8 nations have gathered to discuss numerous topics with the situation in Syria expected to dominate the talks. (Photo by Matt Cardy/Getty Images)
Anti-G8 protesters gather ahead of a G8 demonstration on June 17, 2013 in Enniskillen, Northern Ireland. The two day G8 summit, hosted by UK Prime Minister David Cameron, is being held in Northern Ireland for the first time. Leaders from the G8 nations have gathered to discuss numerous topics with the situation in Syria expected to dominate the talks. (Photo by Peter Macdiarmid/Getty Images)
Anti-G8 protesters gather ahead of a G8 demonstration on June 17, 2013 in Enniskillen, Northern Ireland. The two day G8 summit, hosted by UK Prime Minister David Cameron, is being held in Northern Ireland for the first time. Leaders from the G8 nations have gathered to discuss numerous topics with the situation in Syria expected to dominate the talks. (Photo by Peter Macdiarmid/Getty Images)
Russian President Vladimir Putin is greeted by Britain's Prime Minister David Cameron (L) at the official arrival of the G8 leaders at the G8 venue of Lough Erne on June 17, 2013 in Enniskillen, Northern Ireland. The two day G8 summit, hosted by UK Prime Minister David Cameron, is being held in Northern Ireland for the first time. Leaders from the G8 nations have gathered to discuss numerous topics with the situation in Syria expected to dominate the talks. (Photo by Matt Cardy/Getty Images)
President Vladimir Putin is greeted by Britain's Prime Minister David Cameron (L) at the official arrival of the G8 leaders at the G8 venue of Lough Erne on June 17, 2013 in Enniskillen, Northern Ireland. The two day G8 summit, hosted by UK Prime Minister David Cameron, is being held in Northern Ireland for the first time. Leaders from the G8 nations have gathered to discuss numerous topics with the situation in Syria expected to dominate the talks. (Photo by Matt Cardy/Getty Images)
Italian Prime Minister Enrico Letta is greeted by Britain's Prime Minister David Cameron (L) at the official arrival of the G8 leaders at the G8 venue of Lough Erne on June 17, 2013 in Enniskillen, Northern Ireland. The two day G8 summit, hosted by UK Prime Minister David Cameron, is being held in Northern Ireland for the first time. Leaders from the G8 nations have gathered to discuss numerous topics with the situation in Syria expected to dominate the talks. (Photo by Matt Cardy/Getty Images)
French President Francois Hollande is greeted by Britain's Prime Minister David Cameron (L) at the official arrival of the G8 leaders at the G8 venue of Lough Erne on June 17, 2013 in Enniskillen, Northern Ireland. The two day G8 summit, hosted by UK Prime Minister David Cameron, is being held in Northern Ireland for the first time. Leaders from the G8 nations have gathered to discuss numerous topics with the situation in Syria expected to dominate the talks. (Photo by Matt Cardy/Getty Images)
German Chancellor Angela Merkel is greeted by Britain's Prime Minister David Cameron (L) at the official arrival of the G8 leaders at the G8 venue of Lough Erne on June 17, 2013 in Enniskillen, Northern Ireland. The two day G8 summit, hosted by UK Prime Minister David Cameron, is being held in Northern Ireland for the first time. Leaders from the G8 nations have gathered to discuss numerous topics with the situation in Syria expected to dominate the talks. (Photo by Matt Cardy/Getty Images)
Anti-G8 protesters gather ahead of a G8 demonstration on June 17, 2013 in Enniskillen, Northern Ireland. The two day G8 summit, hosted by UK Prime Minister David Cameron, is being held in Northern Ireland for the first time. Leaders from the G8 nations have gathered to discuss numerous topics with the situation in Syria expected to dominate the talks. (Photo by Peter Macdiarmid/Getty Images)
Anti-G8 protesters gather ahead of G8 demonstration on June 17, 2013 in Enniskillen, Northern Ireland. The two day G8 summit, hosted by UK Prime Minister David Cameron, is being held in Northern Ireland for the first time. Leaders from the G8 nations have gathered to discuss numerous topics with the situation in Syria expected to dominate the talks. (Photo by Peter Macdiarmid/Getty Images)
President Barack Obama and Prime Minister David Cameron help out as students work on a school project about the G8 summit during a visit to the Enniskillen Integrated Primary School in Enniskillen, Northern Ireland ahead of the G8 summit.
Finance Minister Sammy Wilson and Gerry Adams TD taking part in a Mexican wave while waiting for US President Barack Obama during his visit to the Waterfront Hall, Belfast ahead of the G8 Summit in County Fermanagh. Brian Little/Presseye/PA Wire
President Barack Obama and Prime Minister David Cameron watch as students work on a school project about the G8 summit during a visit to the Enniskillen Integrated Primary School in Enniskillen, Northern Ireland ahead of the G8 summit.
President Barack Obama and Prime Minister David Cameron watch as students work on a school project about the G8 summit during a visit to the Enniskillen Integrated Primary School in Enniskillen, Northern Ireland ahead of the G8 summit.
U.S. President Barack Obama glances at Britain's Prime Minister David Cameron during a news conference with European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso at the G8 summit on June 17, 2013 in Enniskillen, Northern Ireland. (Photo by Andrew Winning - WPA Pool/Getty Images)
U.S. President Barack Obama glances at Britain's Prime Minister David Cameron during a news conference with European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso at the G8 summit on June 17, 2013 in Enniskillen, Northern Ireland. (Photo by Andrew Winning - WPA Pool/Getty Images)
President Barack Obama and Prime Minister David Cameron watch as students work on a school project about the G8 summit during a visit to the Enniskillen Integrated Primary School in Enniskillen, Northern Ireland ahead of the G8 summit.
Students work on a school project about the G8 summit during a visit by Prime Minister David Cameron and President Barack Obama (not pictured) to the Enniskillen Integrated Primary School in Enniskillen, Northern Ireland ahead of the G8 summit.
The signatures of British Prime Minister David Cameron and US President Barack Obama are on a patchwork quilt made by students working on a school project about the G-8 summit at the Enniskillen Integrated Primary School in Enniskillen, Northern Ireland ahead of the G8 summit.
President Barack Obama and Prime Minister David Cameron help out as students work on a school project about the G8 summit during a visit to the Enniskillen Integrated Primary School in Enniskillen, Northern Ireland ahead of the G8 summit.
President Barack Obama and Prime Minister David Cameron help out as students work on a school project about the G8 summit during a visit to the Enniskillen Integrated Primary School in Enniskillen, Northern Ireland ahead of the G8 summit.
President Barack Obama and Prime Minister David Cameron watch as students work on a school project about the G8 summit during a visit to the Enniskillen Integrated Primary School in Enniskillen, Northern Ireland ahead of the G8 summit.
President Barack Obama and Prime Minister David Cameron help out as students work on a school project about the G8 summit during a visit to the Enniskillen Integrated Primary School in Enniskillen, Northern Ireland ahead of the G8 summit.
President Barack Obama and Prime Minister David Cameron watch as students work on a school project about the G8 summit during a visit to the Enniskillen Integrated Primary School in Enniskillen, Northern Ireland ahead of the G8 summit.
Sinn Fein President Gerry Adams does the Mexican Wave as Sammy Wilson and Alasdair McDonnell watch before President Barack Obama arrives at the Waterfront Hall in Belfast, Northern Ireland for the G8 Summit in Enniskillen, Co Fermanagh.
Crowds begin to gather as tight security is show as US President Barak Obama arrives at Belfast Waterfront Hall before delivering his keynote address ahead of the G8 summit.
Residents go about their daily life as tight security is show as US President Barak Obama arrives at Belfast Waterfront Hall before delivering his keynote address ahead of the G8 summit.
Tight security is show as US President Barak Obama arrives at Belfast Waterfront Hall before delivering his keynote address ahead of the G8 summit.
Tight security is show as US President Barak Obama arrives at Belfast Waterfront Hall before delivering his keynote address ahead of the G8 summit.
A PSNI officer keeps watch over an anti-G8 love missile near patrol the G8 protest camp site this afternoon in Enniskillen with the G8 summit taking place at the near by Lough Erne resort, Northern Ireland. Picture Charles McQuillan/Pacemaker.
G8 protestor Darren Carnegie poses by a mock missile brought into the camp at Broadmeadow, Enniskillen. Joe Giddens/PA Wire
Prime Minister of Japan Shinzo Abe speaks during a meeting with British Prime Minister David Cameron on the first day of the G8 Summit at Lough Erne on June 17, 2013 in Enniskillen, Northern Ireland. (Photo by Stefan Rousseau - WPA Pool/Getty Images)
Prime Minister David Cameron holds a meeting with the Prime Minister of Japan Shinzo Abe during the first day of the G8 Summit at Lough Erne on June 17, 2013 in Enniskillen, Northern Ireland. (Photo by Stefan Rousseau - WPA Pool/Getty Images)
Hannah Nelson, 16, speaks ahead of a keynote address delivered by U.S. President Barack Obama at the Waterfront Hall ahead of the G8 Summit on June 17, 2013 in Belfast, Northern Ireland. Later The President will join other leaders at the G8 Summit in Fermanagh. (Photo by Paul Faith - WPA Pool/Getty Images)
U.S. President Barack Obama delivers a keynote address at the Waterfront Hall ahead of the G8 Summit on June 17, 2013 in Belfast, Northern Ireland. Later The President will join other leaders at the G8 Summit in Fermanagh. (Photo by Paul Faith - WPA Pool/Getty Images)
U.S. President Barack Obama delivers a keynote address at the Waterfront Hall ahead of the G8 Summit on June 17, 2013 in Belfast, Northern Ireland. Later The President will join other leaders at the G8 Summit in Fermanagh. (Photo by Paul Faith - WPA Pool/Getty Images)
U.S. President Barack Obama delivers a keynote address at the Waterfront Hall ahead of the G8 Summit on June 17, 2013 in Belfast, Northern Ireland. Later The President will join other leaders at the G8 Summit in Fermanagh. (Photo by Paul Faith - WPA Pool/Getty Images)
U.S. President Barack Obama waves next to his wife Michelle Obama, after he delivered a keynote address at the Waterfront Hall ahead of the G8 Summit on June 17, 2013 in Belfast, Northern Ireland. Later The President will join other leaders at the G8 Summit in Fermanagh. (Photo by Paul Faith - WPA Pool/Getty Images)
U.S. President Barack Obama meets school children at the Waterfront Hall after delivering a keynote address ahead of the G8 Summit on June 17, 2013 in Belfast, Northern Ireland. Later The President will join other leaders at the G8 Summit in Fermanagh. (Photo by Paul Faith - WPA Pool/Getty Images)

The G8 negotiations in Northern Ireland could lead to the biggest trade deal in history, an upbeat David Cameron has claimed.

The Prime Minister said talks to break down trade barriers between the EU and the United States could create two million extra jobs and would help to “fire up” global economies.

They will commence next month in Washington and are scheduled to be completed by the end of next year — although they could take as much as two years if problems emerge.

Mr Cameron had sought to focus the gathering of world leaders on economic themes and was clearly elated about the chances of success for a “landmark deal”.

He described it as a “once in a generation prize” that he was determined to seize.

“The whole point of this meeting in Lough Erne is to fire up our economies and drive growth and prosperity around the world, to do things that make a real difference to people's lives,” he said.

Mr Cameron predicted that a successful outcome to the negotiations “could add as much as £100bn to the EU economy, £80bn to the US economy and as much as £85bn to the rest of the world. They mean extra jobs, more choice and lower prices in our shops”.

He added: “We are talking about what could be the biggest bilateral trade deal in history. A deal that will have a greater impact than all the other trade deals on the table put together.”

Mr Obama was equally enthusiastic about the potential benefits.

“America and Europe have done extraordinary things together before and I believe we can forge an economic alliance as strong as our diplomatic and security alliances, which of course have been the most powerful in history,” he said.

Mr Obama sounded a note of caution, however, predicting a bumpy right for the trade talks — although he insisted that he would intervene to help push them through.

And while a US-EU trade deal would be a “priority” for his administration, he warned against “downgrading ambition” in a rush to strike an agreement.

His caution may be explained because this was a success story that was pre-cooked, flagged up days before the G8 discussions even started.

It also marks the resumption of negotiations which have stalled in the past, not a final outcome.

Mr Obama said it was important that the US and EU “get it right”.

“That means resisting the temptation to downgrade our ambition or avoid tough issues just for the sake of getting a deal,” he said.

The President said the leaders would be giving a “mandate” to their negotiators, but added that it was likely they would have to step in personally to resolve particularly difficult issues.

Thrashing out the details of the agreement is expected to be challenging.

European Commission president Jose Manuel Barroso insisted “we intend to move forward fast”.

He said: “We can say neither of us will give up content for the sake of speed but we intend to make rapid progress.”

Mr Barroso said “huge benefits” were expected from reducing red tape between the two nations.

He added: “Integrating two of the most developed, most sophisticated and certainly the largest economies in the world can never be an easy task but we'll find convincing answers to legitimate concerns, we'll find solutions to thorny issues, we'll keep our eyes on the prize and we will succeed.”

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