International trade has been fundamental to Irish economic development and will continue to play a large part in the health of the Republic's economy, said Minister for Trade and Commerce Michael Ahern yesterday.
Speaking at the launch of the Government's revised statement on national trade policy entitled Trading for Economic and Social Development, Mr Ahern said there was a direct link between the internationalisation of Ireland's economy and economic success.
Since the last trade policy document was published in 1998, Ireland's merchandise trade had increased by more than half and the Republic has confirmed its position as one of the world's top three exporters in per capita terms.
With average annual growth rates of 6.1 per cent between 2000 and 2004, Ireland is growing faster than the European Union average, and has one of the region's lowest unemployment rates.
"International trading has been fundamental to this period of sustained growth," Mr Ahern told about 80 delegates gathered at Farmleigh in Dublin's Phoenix Park. He also emphasised the importance of continuing the international focus, describing Ireland's membership of the EU as pivotal in developing the country's strong economy.
"Overseas investment on the part of Irish business is growing, in both traditional and new market sectors," said Mr Ahern.
"This represents a welcome internationalisation which will pay dividends to the economy through the development of higher-value business services here."
The Government's new trade strategy also focuses on the potential for new investment as the EU expands eastwards, as well as highlighting the need to adapt trade policies to help companies export to countries outside the EU such as the US and China, where excessive regulation is hindering exports.
At the meeting, Mr Ahern also announced the creation of the National Trade Forum, a new consultation group set up to advise the Government on its trade strategy.
