International trade key to economic success

INTERNATIONAL trade has been key to Ireland’s economic success, a Government minister said yesterday.

Trade and Commerce chief Michael Ahern said the state’s development was closely linked to its growing business with other countries.

As he launched the Government’s revised statement on national trade policy, Trading for Economic and Social Development, he said more emphasis must be put on developing overseas business opportunities.

“International trade has been fundamental to Irish economic development,” he said.

“There is a direct link between the internationalisation of our economy and our national economic success.

“Trading for Economic and Social Development recognises this link, and restates the Government’s commitment to ensuring (the link) continues to be adequately recognised and taken into account in wider economic policy formulation and programming.”

The statement assesses the importance of the European Union and the World Trade Organisation to Ireland’s trade, as well as offering an analysis of our current trading position by sector.

It also includes a chapter dealing with investment, both inward and outward, reflecting the emerging trend within Irish business to develop international links through investment as well as export.

“Overseas investment on the part of Irish business is growing, in both traditional and new market sectors,” Mr Ahern said.

“This represents a welcome internationalisation which will pay dividends to the Irish economy through the development of higher-value business services here in Ireland.”

The statement also takes account of issues of relevance and concern to the developing world.

“I am particularly pleased to note the involvement of development interests in the drafting of this statement,” Mr Ahern said.

“We are committed to ensuring that this level of co-ordination be maintained in the formulation of trade policy in the future.”

Minister Ahern launched the statement at the initial meeting of the National Trade Forum, a new body which will allow for wider-ranging consultations and involvement in the initial stages of trade policy formulation or adaptation.

The Forum, which will be convened under the auspices of Forfás, the agency that advises Government on enterprise and related policies, will aim to ensure effective consultation of all relevant interests.

The minister also indicated that the effectiveness of this new consultative mechanism will be kept under review by his department, officials of which will be actively involved in the work of the new body.