Dáil Éireann Debate, Wednesday - 7 February 2018
153. Deputy Bernard J. Durkan asked the Minister for Business, Enterprise and Innovation the extent to which she and her Department continue to establish new global trade links to compensate for Brexit; and if she will make a statement on the matter. [3671/18]
Amharc ar fhreagraIreland is one of the world’s most open export based countries. We rely on external demand and access to international trade markets for sustainable and continued economic growth. Trade constitutes an increasingly important means of creating more and better jobs and growing our economy. The combination of export-led growth and foreign direct investment has transformed Ireland’s economy over recent decades.
In view of the potential impacts of Brexit, promoting access to and deepening existing trade relationships across a diversified portfolio of export markets has taken on even greater importance for Ireland. My Department’s focus on trade diversification includes markets that are growing and have scale as well as markets where we are already well established but with potential for further growth. Through the Government’s Trade Strategy, 'Ireland Connected: Trading and Investing in a Dynamic World ’, we aim by 2020 to increase indigenous exports by Enterprise Ireland supported companies, including food, to reach €26 billion, achieve 80% of indigenous export growth outside of the UK market and secure 900 new foreign direct investments.
Most recently, the EU–Canada Comprehensive Economic Trade Agreement (CETA) entered into force provisionally from 21 September 2017. This means that Irish companies may now take advantage of the all important provisions of CETA including the elimination of tariffs on almost all key exports, access to the Canadian procurement market, the easing of regulatory barriers and more transparent rules for market access. CETA will present new opportunities for Irish business and professionals to work and provide services in Canada.
The EU and Mexico hope to reach political agreement early this year on the modernisation of the EU-Mexico Global Agreement, to include provisions on regulatory cooperation, increased trade in agriculture and food, common sanitary (health) standards and sustainable development. Ireland supports comparable trade conditions for investors and businesses across the Americas, making it easier for Irish businesses to trade in and enter these markets. Negotiations with the Mercosur countries continues and political agreement was reached last year with Japan on an Economic Partnership Agreement (EPA). The EU/Japan EPA has the potential to generate significant benefits for Ireland. The agrifood sector, which is Ireland’s largest indigenous industry, will see particular benefits, with improved access for beef and dairy products. The Agreement will also ensure tariff elimination on medical devices and pharmaceutical products which are manufactured in Ireland.
Moreover, in his September 2017 State of the Union Address to the European Parliament, Jean-Claude Juncker, the President of the European Commission, proposed opening trade negotiations with Australia and New Zealand. The draft negotiating mandates for Australia and New Zealand are currently being discussed by the Commission and Member States.
The EU's suite of Free Trade Agreements, coupled with our programme of Minister led trade missions and bilateral visits overseas, have provided a key foundation on which to further build our strong economic and trading links in export markets and this will continue. Enterprise Ireland delivered an impressive programme of international trade events in 2017, giving Irish companies the opportunity to meet with potential buyers and network with key influencers in countries around the world. In total, 57 internationally focused trade events were organised by Enterprise Ireland in 2017 including ministerial-led trade missions to Canada, Singapore and Japan, the UAE and Oman, and a major trade programme as part of the Presidential State visit to Australia.
Ireland will also continue to support the EU’s ambitious programme of negotiating new Free Trade Agreements giving Irish firms expanded market access and a predictable trading environment in third countries. To this end, my Department has commissioned a major examination of the economic opportunities and impacts for Ireland arising from EU Free Trade Agreements which we hope will be available later this year.
