Mr. Mark Redmond:

I thank the Vice Chairman and committee for the invitation to attend today's meeting. It is important this committee and others provide opportunities for discussion on the key issues around the EU-US trade deal.

The American Chamber of Commerce Ireland is an Irish organisation. It is the voice of US companies in Ireland and, increasingly, the voice of Irish companies who have invested and are trading in the United States. The chamber supports a satisfactory and robust EU-US trade deal for a number of reasons. The European Union and the United States are the two largest trading partners in the world. Ireland is at the heart of that key trading relationship. We think it makes sense that an examination would be carried out to ensure any unnecessary barriers to trade between those two huge trading partners are mitigated or removed in a robust and effective manner.

It is true to say that the US business sector views Ireland as an exemplar in terms of trade and investment. In terms of the history of the trading relationship between the United States and Ireland, currently the US is the largest export destination in the world for Irish goods. US foreign direct investment in Ireland stands at $240 billion. It exceeds combined investment in the BRICS countries. US companies in Ireland employ 130,000 people directly and further support 100,000 indirect jobs. Those people, producing great products and services in Ireland, represent 26% of our country's GDP. This long relationship in some cases spans 100 years and in others spans 30, 40 or 50 years and has touched every community in our country. We know how trade and investment with the United States can benefit our people. This two-way relationship has never been as strong, which is very positive. Irish companies currently provide between 80,000 and 100,000 direct jobs in the United States. For the last year in respect of data is available, Irish US subsidiary companies generated $63 billion in sales and invested $2 billion in research and development in the United States. As I said, this is very much a two-way relationship.

As we meet today, the top ten ICT companies globally employ people in Ireland. The top ten data, or born on the Internet, and social media companies employ thousands of people here. Nine of the top ten pharmaceutical companies, 75% of the top global financial services companies and the top ten med-tech companies are located here. This is what trade and investment has meant to Ireland. This is not only about the data I have mentioned but about the impact on our physical and digital infrastructure and the impact on our social fabric as a country.

We would support an EU-US trade deal, but not at any cost. However, here will be a cost to our two economies if an effective deal cannot be done.