asked the Minister for Industry and Commerce if he will outline the specific measures and proposals he intends to announce to ensure that this country benefits from his commitment to countertrading; and if he will make a statement on the matter.
Written Answers. - Countertrading.
39.
Countertrade, an umbrella term for a range of reciprocal trade deals including counter-purchase, buyback, compensation trading and barter, is becoming an increasingly significant feature in international arrangements worldwide. We in Ireland cannot afford to ignore this development. It is essential that we exploit to the fullest extent the potential it creates for industry here.
Accordingly, on foot of a recent Government decision, I have asked all Government Departments and their semi-State agencies to examine critically the potential for entering into countertrade deals in any case where they must place large orders abroad.
In addition, I have established a countertrade liaison unit within my Department with representation from IDA, CTT, EOLAS and the Irish Goods Council to examine how best we can monitor the placing of contracts abroad and to ensure that all avenues which can bring benefit to the Irish economy are fully explored.