Tánaiste and Minister for Enterprise and Innovation, Frances Fitzgerald along with Minister for Trade, Pat Breen today welcomed a new EU trade deal with Japan which they say will bring great benefits to Ireland.
Japan is the third largest economy in the world and is Ireland’s biggest trade partner in Asia after China and the largest source of FDI into Ireland from Asia.
There are more than 50 Japanese companies with a presence in Ireland across a wide range of industrial sectors and it is estimated that Japanese companies employ close to 3,900 people in Ireland.
Furthermore, Japan is one of Ireland’s top 10 goods export markets. Ireland’s goods trade with Japan is now valued at over €4 bn a year, up from €2.2 billion in 2005. In 2016, the value of goods exports from Ireland to Japan was €2.9 bn and the value of goods imports was €1.2 bn.
Ireland’s principal goods exports were Medical & Pharmaceutical Products while principal imports were Road Vehicles and Industrial Machinery.
Speaking today, Minister Pat Breen said, "Japan is the third largest economy in the world and this important trade agreement will open up exciting opportunities for Irish exporters and companies across a wide range of sectors, helping them to tap into Japan’s large market. Agri-food, which is Ireland’s largest indigenous industry, will see particular benefits from the agreement, with new access for dairy products in particular beef and chedder cheese industries."
Source: www.businessworld.ie
