Dáil Éireann Debate, Thursday - 26 January 2017
71. Deputy Michael McGrath asked the Minister for Finance if World Trade Organization rules will apply between the EU and the UK in the event that a trade deal between the UK and the EU is not completed by the end of the Article 50 process; and if he will make a statement on the matter. [3740/17]
Amharc ar fhreagraThe responsibility for the development of Ireland's international trade policies is in the first instance a matter for the Minister for Jobs, Enterprise and Innovation.
Across Government the headline priorities for the Article 50 negotiation process remain clear. These are to protect the economy and trade, the Northern Ireland Peace Process, the Common Travel Area and the future of the European Union itself. The Government will defend our national interests and priorities fully within the established legal and political framework for the negotiations.
Across all sections of Government we have been working intensively in preparing for all eventualities.
My Department has worked with the ESRI on the publication entitled 'Modelling the potential macroeconomic Impact of Brexit on Ireland' which was published in November 2016. Within the paper, and in line with existing international analysis, three scenarios were considered. This includes a scenario where the UK and EU do not conclude a bilateral trade agreement and, instead, the UK exercises its rights under the Most Favoured Nation (MFN) clause of the World Trade Organization (WTO). (In practice any proposed UK WTO schedule would have to be agreed by all WTO members.) Our contingency work, rightly, is examining all scenarios. However, we are at the start of a process within which there is expected to be a number of phases. Ireland will participate fully in all of the structures of the EU 27 in preparing for and conducting the negotiations.
Ireland will continue working with both our EU partners and with the UK to maintain a positive, constructive and orderly approach to these negotiations. It is not helpful at this stage to try to pre-empt the outcome of negotiations.
