Bernard Durkan (Kildare North, Fine Gael) | Oireachtas source

We have had this conversation on many occasions over the years in anticipation. I congratulate all the people involved in the compilation of this particular section because it is massive. It is of colossal import for Europe, world trade and trading conditions. To what extent has the World Trade Organization, WTO, been consulted in its compilation? I mentioned our friend, Mo Ibrahim, the other day. Then there is Sven Giegold, our old friend from the taxation committee. Has Sven Giegold been consulted about it? He has been one of the leading lights in promoting higher rates of taxation on this jurisdiction and continues to hold that view as do a number of others. To what degree has the WTO been consulted? It will have implications for the WTO ultimately as well as for Europe and US trade agreements, if they come in, and they were in the offing some time ago, for Europe and Canadian trade agreements and for a number of other trade agreements.

Some €740 million turnover seems like a lot of money but it is not in the context of international trade where it is minuscule. It kicks in very quickly. We realise a situation might have arisen where certain countries dragged their feet or, by virtue of their economic power, continued that process, no names mentioned. Is the Minister satisfied that we have managed to dot every "i", cross every "t" and so on? Can we assume that the competency of national governments on taxation remains with national governments throughout the European Union or in what way is it affected by these proposals?

I mentioned our pal, Mo Ibrahim, the other day. Did anyone consult him? He campaigned for a long time, to do as much damage as possible. I would like to know what his thoughts might be on the conclusion of the agreement, which I hope remains solid and is a settlement because without it, we could be into a world trade war or something like that which would cause really serious problems for smaller countries, in particular.

We are a small country but we have certain entitlements within the EU, the same as every other country in the EU and the same as other countries in the Single Market. We have all those things in our favour and we have a right to assert ourselves in every way possible and to fight off competitors, of whom there are many. They will be absolutely ruthless when it comes to achieving the superior end of the argument.

Those are just some things that come to mind. I do not want to go into a long harangue at this time. I hope everything works out well and that there are sufficient provisions. Delay in implementation of the entire package could be lethal. For one country or another to opt out now, or for another country to refuse to comply, would be a bad situation.