The Republic has more to gain than virtually any other country from an EU/US free trade area in aviation, economist Seán Barrett said yesterday.

Addressing the Institute of Certified Public Accountants (CPA) annual conference, Dr Barrett said that, this year, four Irish airlines would carry more than 40 million passengers, compared to only 2.5 million "when Ireland had a national aviation policy".

On plans for a new terminal at Dublin airport, Dr Barrett said there should be competing independent airports and terminals so as to reduce costs.

Prof Ivana Bacik of Trinity College, Dublin, said the business case for some regulation of corporate governance was strong.

"A legislative framework that facilitates corporate social responsibility is vital for all,"she added.

She said that one of the key issues that multinationals look for is a secure regulatory framework for doing business.

"If the business culture means that bribes are still being offered, investors are going to be wary of getting involved," she said.

CPA president Michael Dolan said that EU regulation was strangling business.

"We are in real danger of becoming a European Union of administrators rather than entrepreneurs."