I formally move the amendment in the absence of Senator FitzGerald who is ill. It is important to incorporate this amendment in the draft Report. I am not detracting from it. It is a very good and very full draft Report, but investment is an important matter for us and if there is no proper economic criteria by which the beneficiary countries are selected and allowed to have these preferences under the Market tariff scheme, we might be defeating the purpose of the idea behind these tariff preferences. We can only regard ourselves as having an underdeveloped economy nowhere near our potential, and it is essential that Senator FitzGerald's proposal be incorporated. There are also references in the amendment in relation to regional and social and other subventions which are made on Common Market policies. I will read out the amendment for the purposes of the Official Report. The amendment is to paragraph 10 on page 7 of the draft Report. The amendment proposes to add the following sub-paragraph:
It may be that Ireland has a particular interest in ensuring that beneficiary countries are selected solely by reference to acceptable economic criteria. It can scarcely be contested that because of her underdeveloped economy Ireland has a far greater need of foreign investment than other Community countries without which there would be needed by Ireland from the EEC far greater regional, social and other subventions. It would be unfair if the advantages enjoyed under the generalised tariff preference scheme by the more developed of the beneficiary countries made it more difficult for Ireland to attract badly needed investment. The Joint Committee suggests that this aspect of the matter be examined by the appropriate authorities here.
That is a balanced and sensible addition to our report as it highlights our circumstances within the Community as being one of the countries declared as an area for regional policies affecting the whole country.