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Ireland is 5th Most Open Economy Globally

Jul 07, 2017

            

ICC launches Open Markets Index

 ICC Ireland today (7 July 2017) noted that Ireland is currently ranked 5th 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 5th 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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For further information contact Susan McDermott, Chambers Ireland on 01 400 4331, 086 6081605 or email susan.mcdermott@chambers.ie

Notes to Editor:

ICC Open Markets Index is available online here

About International Chamber of Commerce( ICC):

ICC is the world business organization, helping businesses of all sizes and in all countries to operate both internationally and responsibly. ICC is represented in Ireland by Chambers Ireland.

With a global network of over 6 million members in more than 100 countries, the ICC work to promote international trade, responsible business conduct and a global approach to regulation through a unique mix of advocacy and standard setting activities – together with market leading dispute resolution services.

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