Open to Trade? Ireland Ranked Eighth in World

Ireland ranked eighth in world in terms of openness to trade Ian Talbot
Ireland ranked eighth in world in terms of openness to trade
Ian Talbot

Ireland has been ranked eighth out of 75 countries worldwide in terms of its openness to trade, according to the latest Open Markets Index issued by the International Chamber of Commerce (ICC).

It is placed fifth in Europe behind Luxembourg, Belgium, Malta and the Netherlands.

“As a small island, an open economy is vital to allow for access to larger markets and free movement of capital for investment. Ireland’s ranking is positive news given the importance of foreign direct investment and international trade for our economic wellbeing and particularly to support employment and to create the growth so desperately needed in this economy,” said Ian Talbot, secretary general of ICC Ireland.

“Those countries ranked above us are our direct competitors for the title of ‘Best small country in the world in which to do business’. If we are to achieve this target by 2016, then we need to keep focused on maintaining our openness to trade and ensure that no new barriers, such as taxes, are put in place.”

Sorcha Corcoran