Mr. Pat Cox:

Will Ireland get caught in the crossfire? That was the first theme. Ireland would not have chosen for Britain to leave. Britain has chosen to do so and we have to live with the consequences. One of the implications of the question is whether we would be better off getting out with the UK or going the course within the EU. Such a question arises in people's minds in this context. If we try to cure the severe economic 'flu that we will get from Brexit, particularly in the food and agriculture sectors as is well known, by leaving the EU, it will be at the price of catching terminal pneumonia. Terminal pneumonia is not a cure for a severe flu.

Among the trade relations between the Republic of Ireland and other states, our number one relationship is with the USA. A good deal of that is affiliate, in-company sales by US corporations back to the parent company in the United States. Much of it concerns transfer pricing and all the other elements that turn up in respect of who owes what money to whom in global corporate tax issues.

A second element is that the second most important trade partner for Ireland is the United Kingdom, which accounts for 17 or 18%. The EU 27, however, account for 41 or 42% of our trade. In pure trade terms, we would be more severely damaging ourselves to uproot ourselves from the EU part.