Minister's speech - Launch of InterTradeIreland’s ‘The Changing Nature of Trade’ report - 13 February 2025

Note: this publication may not reflect verbatim delivery by Minister Archibald.

Good afternoon, everyone.

I’m delighted to be here to launch this report alongside Minister of State Niamh Smyth.

Yesterday I discussed with Minister Burke the growth of the all-Ireland economy, and our commitment to supporting that organic growth.

What underpins that commitment is a recognition that easier trade, and greater labour-market mobility, benefits everyone on this island.

It is in our mutual interest to pool our resources, to collaborate, and to open our society up to commerce and to innovation.

But we live in a time when some of our most important trading partners are taking a different view, and are putting up barriers to free trade.

This report will help Ireland as a whole understand, and navigate, this changing landscape.

Growth in the services trade

It shows that North-South trade has grown by 77% in recent years.

Much of this growth has been driven by the services sector.

This industry has become a key driver for productivity, high-quality jobs, and regional balance right across this island.

I therefore welcome the recommendation for a dedicated, cross-border taskforce, to further unlock opportunities for this sector.

The Importance of Dual Market Access

The report highlights how businesses have innovated in response to the new trading reality brought about by the outworkings of Brexit.

Dual Market Access means that the north has unique access to both the EU and British markets.

We must ensure that businesses are fully equipped to leverage this opportunity.

This means providing the right supports, guidance, and investment to help businesses take advantage of their strategic trading position.

Invest NI is already working to maximise this trading advantage; marketing the North as an attractive destination for those seeking stability, market reach, and a skilled workforce.

Strengthening Regional Balance

For too long, certain regions have faced barriers that means their economic potential goes unrealised.

Today’s report highlights a clear opportunity to ensure a more regionally balanced economy by introducing targeted incentives and investments in underdeveloped areas.

My Department is currently leading work on behalf of the Executive, to tackle historic underinvestment in the North-West.

A taskforce has been established to deliver 10,000 students for Magee University in Derry by 2030.

The Irish Government has committed £47m to assist with this expansion, highlighting the value of the Shared Island fund.

My predecessor, Minister Murphy, also published a Sub-Regional Economic Plan, which focusses trade and investment support equitably across the North.

Council-led partnerships, emerging from this plan, are already working to identify local economic priorities.

And I expect some of these will be of interest to the Shared Island Fund, as well as to Departments within the Northern Ireland Executive.

Enhancing Productivity

Productivity in the north of Ireland lags behind the rest of the country, and today’s report outlines a path for improvement.

We must foster high-productivity clusters in sectors such as green technology, ICT, and advanced manufacturing.

My Department is therefore rolling forward seven sectoral action plans for high priority, high potential sectors, identified for their global trading advantage.

These sectors include cyber and software, agri-tech, reg-tech and advanced manufacturing.

We are supporting the development of 5 superclusters in the north through our 10 year, £11m cluster acceleration programme.

We will also work with Intertrade Ireland and other partners to develop a number of all-Ireland clusters so that the whole island can build strength in high-productivity sectors.

Reducing Barriers to Trade

Despite our attractive trade and investment prospects, this report highlights the urgent need to simplify cumbersome and unwieldy administrative trade requirements.

Proactive steps must be taken to streamline processes, reduce bureaucratic burdens, and create a trading environment that encourages growth rather than stifles it.

This is particularly important for our SMEs, who are the backbone of our economy, but all too often are overburdened by paperwork and red tape.

I will continue to work closely with InterTradeIreland, Invest NI, and our southern counterparts to help businesses navigate this evolving landscape.

We must also ease barriers for cross-border workers, so that our businesses can access a broader pool of talent.

Closing Remarks

Those are just some of the insights contained within this very comprehensive report.

So my thanks to EY and to InterTrade Ireland for producing this document.

I have no doubt that it will inform the joint working of my Department and that of Minister Smyth, as we continue to develop the all-Ireland economy for the benefit of us all.

Thank you.