Mr. Brian Cotter:

On the trade deal, it is estimated the current tariffs that exist broadly between the US and the EU are between 3% and 4%, although they vary depending on the products and sectors. There is an opportunity in this regard. The main challenges are the non-tariff barriers such as bureaucracy, getting regulation on both sides working together and being cognisant of both sides when rules are being made so we create a move towards a more internal market. There have been estimates from the US Chamber of Commerce and a group called the Business Roundtable in Washington that this could add between 1% and 2% to GDP growth in both economies, which is not an insignificant amount.

With regard to the wish list, we are currently starting a process we undertake every autumn of meeting multinationals. In the next couple of days we will meet approximately 150 CEOs of multinationals, having started this morning in Dublin. Central to our approach to meetings with Ministers in the last couple of months is that, while we understand what needs to be done in terms of the fiscal adjustment and the targets that are set out, there is great concern about the costs of employment, which goes back to a number of points we have made today. One of the strong pillars of what we have in regard to foreign direct investment is the experience, leadership and talent we have in our people. These people are highly mobile, however, and it is a fragile resource. We need to be very conscious of this when we look at the costs of employment either directly, in terms of marginal income tax or the income tax burden, or indirectly, in terms of changes in the social welfare code that might apply in regard to sick leave and so on. We ask Deputies and Senators to be cognisant of this in the upcoming preparations for the budget and in any proposals being considered.