IRELAND’S finance minister has begun a three-day trip to London to promote business and trade between the nations.
Finance Minister Michael McGrath, who arrived in the capital yesterday, will meet with the Governor of the Bank of England, Andrew Bailey and the Lord Mayor of the City of London, Michael Mainell.
The programme, which was drawn up in partnership with the Embassy of Ireland in London and the Enterprise Ireland agency, is “focused on promoting Ireland as a location and partner for business, trade and investment, and to promote Ireland's economic and financial interests”, his office confirmed.
Ireland's Minister for Finance, Michael McGrath is in London for three daysSpeaking ahead of his trip, Minister McGrath said the British-Irish relationship is “deeply important and consequential”.
“We are co-guarantors of the Good Friday Agreement, and we are close neighbours who share unique and diverse community, cultural and sporting ties,” he explained.
“We are also very significant trading partners with important economic and strategic links.
“Two-way bilateral trade in goods and services between Ireland and the UK was worth over €122 billion in 2022—or about €2.4 billion per week. That figure reflects a mutual interdependence.”
Minister McGrath acknowledged that Brexit had brought tension to relations but added that Ireland “hopes to continue to build on the positive momentum” brought about through last year’s Windsor Framework agreement.
“After some challenging years, agreement on the Windsor Framework last year marked a new chapter not just in EU-UK relations, but also in relations between Ireland and Britain,” he said.
“We hope to continue to build on the positive momentum that this has provided.
"A close and constructive relationship between the EU and UK is very much in Ireland’s interests."
He added: “We have already seen positive progress building on the existing Trade and Cooperation Agreement, such as the agreement reached on UK associating itself with Horizon Europe and the first meeting of the EU-UK Financial Services Regulatory Forum.
“I believe that it is important that we work together as likeminded partners in particular in the current geopolitical context, while on this visit I am placing emphasis on what Irish business and talent can offer in key sectors on the ground in Britain."
The minister’s programme in the capital this week will focus on banking and financial services, his office confirmed, “with a number of engagements with senior management at a range of private sector entities, many of whom are clients of Enterprise Ireland and IDA Ireland, as well as engagements with industry representatives, the media and the Irish business community”.
Minister McGrath will attend a Chartered Accountants Ireland event for UK-based Irish accountants and an event with Euronext, operators of the Irish Stock Exchange.
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