12th April 2022 |
Policy Papers
The Trade and Investment Strategy 2022-2026 titled Value for Ireland, Values for the World sets out to see Ireland grow sustainably, diversify our export markets, and support continued prosperity and higher living standards for all the people of Ireland.
The strategy articulates our plans for trade and investment, and climate and sustainability, setting out our principled and holistic approach to trade policy. The strategy outlines seven priority actions and is set against the backdrop of the major economic disruption from the COVID-19 pandemic, war in Ukraine, Brexit, growing protectionism, global tax developments and geopolitical and trade tensions.
Global trade is essential to Ireland’s economic wellbeing and a key pillar in underpinning Ireland’s economic recovery. International trade and investment supports 1.3 million jobs in Ireland and in 2021, Ireland’s total trade with the world exceeded €840 billion, a record level.
The new Trade and Investment Strategy Value for Ireland, Values for the World, implements the Programme for Government Our Shared Future, and is a key commitment in the Government’s Economic Recovery Plan. It is set in the context of complementary government policies and initiatives including Global Ireland 2025, the Shared Island, the SME Taskforce Growth Plan, Project Ireland 2040, the Climate Action Plan and Harnessing Digital, our new national digital strategy.
Trade policy plays an important role in promoting and protecting Ireland’s values and standards. Ireland supports the positive contribution that trade and investment can make to sustainable development. International trade and trade agreements cover not just trade itself but also a range of policy areas, such as international flows of investment and labour, intellectual property rights and environmental protection. International trade and the associated rules influence how countries, organisations and people live, transact, invest, work and, ultimately, develop.
Value for Ireland, Values for the World seeks to best-position Ireland’s trading and investments relationships in an uncertain world, one which could face significant headwinds. While already strained by geopolitical, economic, and environmental tensions, COVID-19 and the war in Ukraine has added further challenges to Ireland’s international trade. Addressing these tensions requires greater effort and collaboration across the whole of government, bringing synergy, creativity and urgency to the existing suite of strategies across trade and investment.
The Department of Enterprise, Trade and Employment has been working closely and collaboratively with colleagues from across government and state agencies, taking great care to ensure that this trade and investment strategy addresses not only trade and investment issues but also climate and sustainability issues by setting out our principled and holistic approach to trade policy.
The Trade and Investment Council (a cross-government and cross-agency body) will oversee implementation of the Strategy, which outlines seven priority actions, including:
- Support Ireland’s Economic and Trade ‘Ecosystem’
- Review and refresh the Local Market Teams
- Positioning Ireland within Global Value Chains and Supply Chains
- Communicating Ireland’s Interests as a Trading Nation
- Maximising Ireland’s return from EU Free Trade Agreements
- Team Ireland - Trade Mission Week
- Reaping the Benefits of the EU Single Market
The implementation of the strategy and action plan will support Ireland in realising its trade and investment goals, increase exports sustainably, deepen and extend our trade relationships, grow quality employment and reinforce our economy.
Topics:
Trade and Investment, Trade Policy