Varadkar warns of threat of economic nationalism

"There are dangers at home as well as abroad," the Tánaiste told delegates at the Global Ireland Summit in Dublin Castle.

Tánaiste Leo Varadkar addressing the Global Ireland Summit in Dublin Castle. Picture: Sam Boal/Rollingnews.ie

The Tánaiste has warned that international trade deals are becoming harder to negotiate, with economic nationalism and protectionism posing a threat.

Speaking at the Global Ireland Summit in Dublin Castle, Leo Varadkar said trade, which is "the bedrock of our economy", cannot be taken for granted "in a world that is changing before our eyes".

"Trade is operating in an increasingly challenging environment," he said.

Economic nationalism and protectionism are leading to a weakening of global structures and rules-based order."

He went on to say that he worries that there we may follow a "certain trajectory" where "there might be a backlash against individual liberty, against international trade agreements".

“We have to be wise to the fact that everyone doesn’t necessarily think that way and there are dangers at home as well as abroad,” he said.

Pointing to the election of Donald Trump in the US, Mr Varadkar said: “Is it inconceivable that you could have a president of France that is an economic nationalist? It is not. 

We should never think that we can take these things for granted, because we can’t."

He told the gathering that an expert group on global value chains will now be convened by his department to identify global supply chain opportunities as well as threats.

"The group will examine themes such as economic nationalism, open strategic autonomy, and ‘re-shoring’ initiatives in the US and Europe, with the objective of ensuring that Ireland maximises its potential within global value chains," he said.