I acknowledge all the contributions made on this Bill today. It will play a crucial role in protecting Ireland’s reputation as an advocate of free and fair trading agreements worldwide and it will allow for the constitutional ratification of the trade agreement between the EU and Canada and other international agreements. I am not alone in acknowledging the transformative effect that open and fair trading relationships have had on this island. I am also not alone in acknowledging the major opportunities that agreements such as CETA present for future expansions of Ireland’s economic capacity. Since the provisional application of CETA in 2017, Ireland’s trade with Canada has rapidly increased. Trade between the two countries has grown by 95%, and it reached a value of $9.6 billion in 2023. Major Canadian investors are attracted to our dynamic and well-educated workforce, with firms such as Greenfield Global citing local excellence like that available in South East Technological University Carlow as a major factor alongside CETA in their decisions to invest in Ireland. Similarly, Irish talent was what attracted Canadian film firm Mercury Filmworks to Kilkenny’s Cartoon Saloon. Mercury Filmworks launched Lighthouse Studios in 2017 and created 140 jobs locally. Ireland has attracted more Canadian investment in the period than vice versa, with annual Canadian foreign direct investment flows into Ireland increasing by $10.8 billion, or 131%, in the eight years between 2016 and 2024. Crucially for Ireland, most of the growth in bilateral goods trade between Ireland and Canada has come from a rise in Irish exports to Canada, a fact that highlights the competitiveness of our economy and the benefits that arise from open trading relationships. The potential benefits of such trading relationships, therefore, should be plainly obvious. However, despite being one of the countries that has benefited most from the arrangement, Ireland remains one of ten EU countries that has not yet fully ratified CETA. At present, we live in a geopolitical climate that demonstrates the true value of long-term rules-based and amicable trading relationships. If we are to secure the benefits we accrue from our trading relationships, the message is clear: rules matter. Of course, it is important that we do not allow the prospect of improved trading relations with other parts of the world to blind us to the potential impact such agreements can have on our domestic legislation. Following on from the Costello case, I acknowledge the findings of the Supreme Court on those sections of CETA that deal with the protection of investments and provide for investment dispute-resolution provisions. The investor court system will not undermine Ireland’s right to regulate for legitimate policy objectives, as some have said in the House. CETA and similar agreements specifically note that the mere fact that a party regulates in a manner which negatively affects an investment or interferes with an investor’s expectations does not amount to a breach of an obligation under CETA. The fact that amending the Arbitration Act will allow for CETA to be ratified in a constitutionally lawful manner does not mean this will be done without further debate. Dáil Éireann’s say on each of the agreements covered by this legislation will be preserved. Ireland’s constitutional identity will be protected, as will its obligation to adhere to European law. Furthermore, CETA cannot be ratified by the EU until every member state in turn does so. As Ireland is one of ten countries that has yet to take this important step, there is much more work to be done at European level to promote the agreement, although the amending of the Arbitration Act is an important marker of progress. Ratifying the agreement as it relates to investment protection can make a real difference in certain sectors of the European economy, such as raw minerals extraction. The failure to ratify the sections has so far inhibited growth in this sector. Critically, measures to upgrade the agreement as it pertains to shared environmental concerns and goals are only possible once full ratification has been achieved. I welcome the findings of the Supreme Court that CETA could be ratified by the Oireachtas once amendments are made to the Arbitration Act 2010. Amending the existing Arbitration Act so we can ensure the constitutional identity of the State and protect Ireland’s obligation to preserve EU law is the best way of realising both our ambitions and responsibilities.

Sentiment score: 0.47