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Ireland is fifth most open economy globally

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Ireland is fifth most open economy globally

Ireland is fifth most open economy globally
July 11
09:00 2017

According to ICC Ireland, Ireland is currently ranked fifth in the International Chamber of Commerce (ICC) Open Markets Index highlighting the importance of international trade for the Irish economy.

Commenting on the ICC Open Markets Index, Ian Talbot ICC Ireland Secretary General said: “Ireland ranks fifth globally, an improvement of one place since the last publication of this index.  The criteria for ranking include: trade and FDI openness,  trade policy regime and trade-enabling infrastructure. As a small European country with a significant FDI base the Irish economy performs strongly across all criteria. The Irish economy has benefitted greatly due to its open nature and ability to trade and compete internationally. Increasing trade opportunities is vital for Irish business and for the Irish economy, particularly in the context of Brexit. We continue to support ongoing European trade negotiations and encourage the development of new agreements that can facilitate international trade, particularly as Ireland is so well placed to take advantage of them.”

“As an open economy, Ireland is also vulnerable to global economic cycles. Although our overall rating improved, Ireland’s ranking for the category Trade Enabling Infrastructure has deteriorated. This further validates the Chambers Ireland Pre Budget 2018 Submission call for Government to invest in infrastructure to ensure that Ireland is in the best possible position to cope with any potential economic headwinds.”

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