**Belfast**: A new report by EY for InterTradeIreland reveals a nearly 80% increase in cross-border trade over six years, highlighting the resilience of businesses amid Brexit, the pandemic, and geopolitical issues. The report advocates for enhanced collaboration and policy development to sustain this growth.
A recent report, commissioned by InterTradeIreland and conducted by professional services firm EY, highlights the importance of cross-border collaboration in enhancing trade policy alignment across the island of Ireland. The study indicates that cross-border trade has surged by nearly 80% over the last six years, despite the challenges posed by Brexit, the COVID-19 pandemic, and recent geopolitical tensions, including the ongoing conflict in Ukraine.
The independent report, which took five months to compile, examined how these global and domestic developments have reshaped the trading landscape. This analysis not only identifies sectors experiencing growth but also highlights those that face increasing challenges as trade dynamics evolve.
Colin McCabrey, Director of Trade at InterTradeIreland, expressed satisfaction with the contributions made to foster this increase in cross-border trade. He acknowledged the challenges mentioned in the report but underscored its constructive recommendations. “InterTradeIreland is delighted to have contributed so significantly to the increase in cross-border trade between 2016 and 2022,” McCabrey remarked. He further promised that the organisation will work closely with partners to implement the findings of the research, ensuring that businesses receive timely and clear information, alongside free technical support to bolster their export capabilities.
Caoimhe Archibald, the Minister for the Economy, highlighted the resilience and innovative spirit of businesses in Northern Ireland, as evidenced by the robust data presented in the report. “I am heartened to see the resilience and innovation of the north’s businesses come through in the data of this research report,” Archibald noted. She affirmed her commitment to nurturing this growth by supporting businesses in leveraging their strategic position, which allows them to trade with both EU and UK markets effectively.
Similarly, Niamh Smyth, the Minister of State for the Department of Enterprise, Tourism and Employment, acknowledged the ongoing challenges faced by businesses in recent years, including inflationary pressures. However, she noted the significance of the cross-border economy’s continued expansion, emphasising the essential role of interconnected supply chains on the island.
Simon MacAllister, EY’s Strategy and Transactions Partner in Ireland, remarked on the timely nature of the research, particularly amidst significant geopolitical changes. He affirmed the value of identifying evolving trade patterns and understanding the resilience of businesses as they navigate contemporary challenges.
The report calls for not only further cross-border collaboration but also targeted assistance for the sectors that have been most impacted by recent trade changes. It seeks to leverage Northern Ireland’s unique market access to attract international investments, presenting a framework for future policy development aimed at fostering a thriving economic environment across the island.
Source: Noah Wire Services
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