**Belfast**: A new report highlights the need for enhanced cross-border collaboration in trade policy between Northern Ireland and the Republic of Ireland, with an 80% trade increase noted despite ongoing challenges from Brexit, inflation, and the COVID-19 pandemic.
A recent report has highlighted the growing need for enhanced cross-border collaboration to ensure coherence in trade policy across the island of Ireland amidst a rapidly evolving trading environment. The independent study, known as the Changing Nature of Trade, was commissioned by InterTradeIreland and conducted by the professional services firm EY, encompassing five months of research.
The report reveals that cross-border trade has surged by nearly 80% over the past six years, indicating a significant increase in economic interactions between Northern Ireland and the Republic of Ireland. Despite this positive trend, the report underscores the necessity of targeting assistance to sectors facing challenges due to changes in trade dynamics, including the impacts of Brexit, the COVID-19 pandemic, and the ongoing conflict in Ukraine.
Colin McCabrey, Director of Trade at InterTradeIreland, expressed his satisfaction with the results, stating, “InterTradeIreland is delighted to have contributed so significantly to the increase in cross-border trade between 2016 and 2022.” He acknowledged the outlined challenges but emphasised the report’s recommendations, which InterTradeIreland plans to pursue in collaboration with its partners. McCabrey assured that the organisation will continue to provide timely and comprehensible information to businesses island-wide and that free technical support will be available to enhance export capabilities. The Trade Hub initiated by InterTradeIreland is highlighted as a successful model of such support, having assisted thousands of businesses in navigating changing trade circumstances.
Caoimhe Archibald, MLA and Minister for the Economy, commented on the report’s findings, noting, “I am heartened to see the resilience and innovation of the north’s businesses come through in the data of this research report.” She indicated her commitment to fostering continued growth in North-South trade and ensuring businesses are equipped to leverage Northern Ireland’s unique trading position, which allows access to both the EU and British markets. Archibald stated that facilitating easier trade and worker mobility benefits all inhabitants of the island and supports overall economic progress.
Minister of State for the Department of Enterprise, Tourism and Employment, Niamh Smyth, reflected on the challenges that businesses have faced in recent years, particularly inflationary pressures. However, she also acknowledged the robust performance of the cross-border economy during this period, which has underscored the importance of effective supply chains operating across the island.
Simon MacAllister, who serves as the EY Ireland Strategy and Transactions Partner, highlighted the timeliness of the report in light of unprecedented geopolitical changes. He noted that it sheds light on how trade patterns are evolving and the resilience businesses are demonstrating, as well as the challenges still ahead.
The report serves as an essential resource for understanding the complexities of current trading conditions and the need for continued investment in cross-border collaboration to navigate future trade landscapes.
Source: Noah Wire Services
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