According to Robert Troy, Ireland’s minister of state for trade development, the planned free trade agreement (FTA) between India and the European Union will be a game-changer for India-Ireland bilateral trade, with discussions expected to restart soon.
According to Troy, any conversations with the EU would be built on sustainability in terms of climate change. In terms of market access under the EU FTA, he underlined that medicines and whiskeys will be critical sectors for Ireland.
That will be a game-changer in terms of increasing the two countries’ trading capacity. The importance of ensuring that trade policy is anchored by sustainable development cannot be overstated for each new trade agreement, he noted.
One of the major sectors is pharmaceutical and medical technology exports, and both nations have witnessed positive GDP growth throughout the epidemic as a result of our focus in that area. There’s also an opportunity there. One of the major areas of specialization is in the export of medicines and med-tech. Obviously, Ireland is well-known for its high-quality cuisine and whiskey manufacturing, Troy remarked.
There will, of course, be consequences. To begin, we would want to state that we, as Irish, condemn the war as unjustifiable and would wish to see it end as soon as possible. And the energy supply chain will suffer as a result. Ukraine was Europe’s breadbasket, and we know they won’t have any this year. As a result, the value of the food supply will rise, raising the cost of living and causing inflationary effects. We implemented a fuel excise cut to assist offset rising fuel expenses, Troy said when asked while presenting views on the Russia-Ukraine conflict
The agricultural minister, who is also in charge of food in Ireland, has been working with the EU to find alternatives. However, we are also rewarding our farmers here in the United States. We require it not just to provide our own food chain, but also to supply the food chain of animals, he continued.
Over the previous decade, commerce between India and Ireland has increased. It may appear modest for a country the size of India, but it is extremely significant from an Irish standpoint, and we want to expand on that commerce, he added.
