Dara Murphy (Cork North Central, Fine Gael) | Oireachtas source

All rational, reasonable and sane people very much welcome the opportunity presented by the G8 summit, not just for the people of Northern Ireland and Britain but for everybody who shares this island. While there will undoubtedly be disruptions, it is fair to say that it represents a once in a generation opportunity to punch above our weight on the global stage. It is an important step in the Taoiseach's journey to re-establish our international reputation, which was severely tarnished in recent years and between 2007 and late 2010 in particular.

Several economists have speculated that a bilateral trade agreement between the United States and the European Union would offer scope for GDP growth of 1.5% to 2% in both jurisdictions. The Taoiseach has done significant work in this regard during his term as President. As a small, open economy we would benefit more than most countries from such growth. Unfortunately, Europe as an entity has achieved only very low levels of growth, if any at all, in recent years. Will the issue of multilateral trade agreements be discussed alongside the EU-US trade negotiations? We are all aware that growth is the action within an economy which gives rise to increased employment. While other issues frequently come on the table, such as stimulus from government, debt reduction and terms of debt repayments, the potential for multilateral and bilateral trade agreements represents a separate and parallel step that could be taken.

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