Ireland Canada Business Association responds to Brexit
Speaking following the result of the Brexit referendum in the UK, Garrett Monaghan, Chair of the Ireland Canada Business Association, stated:
“The UK electorate’s democratic vote to leave the EU is a decision that will have inevitable consequences and implications for Ireland’s trading relationship with the UK and Canada. Although the pace at which the UK initiates and completes political negotiations remains to be seen, we believe Ireland will regardless continue to prioritise growth, stability and certainty with the UK. The ICBA believes and fully expects that Irish business and Government agencies have a common interest in working together to preserve and enhance Ireland’s critical historic, political and cultural ties with the UK.
Ireland’s role and offering to Canadian and international companies as a gateway to the EU single market remains unchanged. Ireland’s hard won and well-established reputation for winning and maintaining foreign direct investment will be critically important in the coming months once the terms of Brexit become clearer.”
The strong trade relationship between Ireland and Canada is reflected in the impressive €2.75 billion of annual trade between Ireland and Canada in 2015. This includes fast-growing exports by innovative Irish companies to Canada and major Canadian investments in Ireland. The forthcoming implementation of the Comprehensive Economic and Trade Agreement (CETA) between the European Union and Canada will further bolster the potential for trade between Ireland and Canada. As Canada’s nearest neighbour to the EU, CETA presents Ireland with substantial opportunity to take the initiative in working with Canadian, international and domestic companies on significantly liberalised cross Atlantic trade. While indigenous Irish company exports to Canada have grown by over 250% in the last five years and currently stand at €185 million, it has been predicted that CETA will result in a €250m increase in Irish exports per annum.
The ICBA is committed to assisting our members in their bilateral investment and trade between Canada and Ireland . The ICBA has worked over the last 40 years to promote member views and protect their transatlantic businesses.