New trade strategy launched to capture bigger share of global market

The Irish political system does not spend enough time speaking about trade and the reasons why the Republic is one of the most prosperous countries in the world, according to Minister for Trade Leo Varadkar.

He was speaking at the launch of a new trade and investment strategy that is designed to increase the State’s share of global trade.

The State has its problems but all measures show that it is ranked among the 20 most prosperous countries worldwide. This was not something that we should take for granted, he said.

“It is not something that we have any God-given right to. It is not something that we are entitled to. It is something that has to be earned, and has to be worked for.”

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Mr Varadkar said the Republic did not have oil or gold or colonies. Instead, it had its people and its land, and the goods and services it produces.

“A lot of people like to define politics as a contest between left and right. I don’t think that is really the case in Ireland. I think the real divide is between those who understand the economy and those who don’t.”

Mr Varadkar said the new strategy was all about stating very clearly that the Government plans to consolidate the gains that have been made, and grow its share of world trade.

The world was becoming more protectionist but the Republic would continue to make the case for “democracy and multilateralism and free enterprise and free trade in the world”, he said. “These are our values.”

Seven measures

The new strategy cites seven key areas including enhanced competitiveness, creating an expert group on global supply chains, promoting a deeper understanding of the importance of trade, and making one “whole of government” trade mission to a selected country every year.

The State would continue to target a wider range of global markets, including China and the Middle East, to ensure that all our eggs are not in one basket, he said.

“Our attractiveness as a place to invest and our ability, as part of the EU, to enter and keep international free trade agreements with other countries is the entire basis of our economic model. It is what has raised our living standards over the years.”

Mr Varadkar said that on the rare occasions when trade and industrial policy was discussed by the political system, it was usually driven by non-government organisations with a particular agenda about a particular issue, such as the OECD’s base erosion and profit shifting project, or the EU-Canada trade agreement. “That is an indictment of our politics, in my view,” he said.

Minister of State with responsibility for trade promotion Robert Troy said more than half of all jobs were dependent on trade, and that he had been struck by the number of people who are "actually opposed to international trade".

“Global events will continue to pose challenges to all of us, but if we maintain our open, pro-trade outlook and continue to grow our global footprint, we will be better placed to navigate those challenges.”