Government must rapidly address necessary amendments to enable ratification of CETA

Ibec, the group that represents Irish business, today responded to the Judgment of the Supreme Court that the Comprehensive Economic and Trade Agreement between the EU and Canada, commonly known as CETA, cannot be ratified under current Irish law.

Pat Ivory, Director of EU and International Affairs, Ibec, said: “The Government must rapidly address the necessary amendments to Irish law to enable ratification of this key economic and trade agreement with an important international business partner.

“The purpose of CETA is to help bind the economies of the EU and Canada even more closely together and create opportunities for companies on both sides of the Atlantic. To have the option of this kind of market diversification is critically important as our businesses respond to the ongoing challenges presented by the international economy which is in a place of significant challenge due to high rates of inflation, rising interest rates, accelerated monetary tightening and volatile energy markets.

“Canada has increasingly emerged in recent years as a significant FDI influence in Ireland, with almost 7,000 workers now employed by Canadian firms here. Over the challenging period of 2019 to 2021, Irish companies exported on average approximately €2.3 billion worth of goods and services to Canada, with €822 million on average imported to Irish shores.

“At a challenging juncture for the global economy enhanced trading links between Canada and the EU represents a strategic opportunity to secure lasting benefits on both sides of the Atlantic. It is crucial that the Government act so that it does not waste this opportunity.”