Mr. Brian Cotter:

I will not add much but I agree that the farm industry is quite sophisticated. It combines not only traditional but nutritional sectors, including companies producing infant milk, for example, for a significant share of world markets. Considering the relationships between Ireland and the United States, the investor relationship is very important and Irish companies generate more sales from Irish investments in the US than in trade. Similarly, US investment here generates much more in terms of sales than the exports of US companies to Ireland. That is an important consideration. The Deputy has indicated that when we consider the totality of the impact from the trade deal, we must consider it at many levels to see what sectors gain and lose, etc.

A lot of the reports that are produced, and the economic analysis, examine this matter. Broadly speaking, our members are involved in industrial trade and would welcome greater harmonisation of high standards to support trade and a reduction of barriers.

The trade investment agreement has not been an issue for Ireland because it has not been a part of our tax treaty networks and otherwise. That is because the rule of law here is well respected. About 1,400 agreements exist between European countries and others so it is quite complex. The Lisbon treaty transferred that competency to the Commission to standardise the process. I agree that the main objective is to ensure that in areas where the rule of law might not be as robust, there is some degree of arbitration when a dispute arises. In particular, if it exists between the United States and the EU, when other trade agreements are made, be it the WTO or other regional trade agreements, the important principle of having an investor to state agreement is enshrined, at least, in one of the biggest economic relationships which was just outlined.