Tánaiste hosts special meeting of Government Trade Forum

• Forum assesses potential impact of US tariffs on Irish and EU exports
• Tánaiste requests detailed Action Plan on Market Diversification
• focus on Pharmaceutical Industry in Ireland

The Tánaiste and Minister for Foreign Affairs and Trade Simon Harris today chaired a special meeting of the government’s Trade Forum.

The Forum was convened following the decision this week by the US administration to impose tariffs of 20% on EU exported goods.

Attended by senior Government Ministers, business groups and other key stakeholders, the Forum discussed how best Ireland can respond to these tariffs.

Today’s meeting heard a request from the Tánaiste for a detailed Action Plan within six weeks, which will set out potential avenues for Irish business to diversify and grow in alternative export markets.

There was also a presentation on the pharmaceutical industry amid concerns that the US may impose sector-specific tariffs in the future.

Speaking following today’s meeting at Government Buildings, the Tánaiste said: “The decision by the US administration to impose tariffs on EU exports has caused deep concern and uncertainty not only in Ireland, but right across the world.

“Tariffs are deeply regrettable in every single way - they hurt businesses, they damage consumer confidence and they put jobs at risk.

“I convened today’s meeting of the government’s Trade Forum in order to take stock and consider how best Ireland can respond both domestically and through our membership of the European Union.

“On Monday, I will represent the Irish Government at a special meeting of Trade Ministers in Luxembourg, at which the EU will consider how to respond.

“While there is no doubt we are now entering into a period of significant economic turbulence, I want to assure people that we will get through this and we will approach the period ahead in a calm and measured way.”

In relation to the Action Plan on Market Diversification, the Tánaiste said: “The EU’s trading relationship with the US is vitally important – in fact it’s worth $1.6 trillion every year.

“However, we must now look at how Ireland can diversify and grow in alternative markets and develop new supply chains if needed.

“I’ve therefore asked officials from my department and the Department of Enterprise, Tourism and Employment to work together with our State agencies to produce a Trade Diversification Action Plan over the next six weeks.

“This is not about decoupling from the US who will remain a key trading partner.

“But as a global outward looking country we must always be looking for new opportunities.”

The Tánaiste updated the Forum on his ongoing close contact with EU Trade Commissioner, Maros Šefčovič as well as the series of calls and meetings he has held with EU counterparts over recent days.

This includes calls with Trade Minister counterparts from Germany, Finland, Slovakia, the Netherlands, Denmark, Croatia, Italy, Sweden and Spain.

The Tánaiste also shared an overview of his call with US Secretary of Commerce, Howard Lutnick, on 24 March and discussed planned engagements next week including the Trade Ministers Council meeting in Luxemburg on Monday.

An update was provided by the Tánaiste on his discussions this week with the First and Deputy First Ministers and Minister of the Economy in the Northern Ireland Executive.

The Trade Forum also received a presentation from IDA Ireland on the pharmaceutical sector.

This is the third meeting of the Government Trade Forum. This follows the meetings of the Forum chaired by the Tánaiste earlier this year on 26 February and 21 March.

The members of the Government Trade Forum include relevant Government Ministers, departments, and business/sectoral representatives, as follows:

• Department of the Taoiseach
• Department of Foreign Affairs and Trade
• Department of Enterprise, Tourism and Employment
• Department of Agriculture, Food, Fisheries and the Marine
• Department of Finance
• Department of Further and Higher Education, Research, Innovation and Science
• Enterprise Ireland
• IDA Ireland
• Bord Bia
• Tourism Ireland
• Research Ireland
• Ibec
• Irish Exporters Association
• ISME
• American Chamber of Commerce Ireland
• Chambers Ireland
• British Irish Chamber of Commerce

The Terms of Reference for the Government Trade Forum are:

• enhance multi-stakeholder policy dialogue to foster a broad understanding of Ireland’s trade opportunities and challenges
• discuss emerging trade policy developments and their implications for Irish sectors
• share expertise to inform Ireland’s trade policy and exchange views on country and regional specific developments; and
• update members on key developments in international trade and their impact on Ireland