Bilateral Trade between Ireland and India will accelerate
Dublin: Bilateral trade between Ireland and India is also expanding in response to major changes in the international trade arena. Brexit has also paved the way for trade diversification in the European Union. Ireland is India’s most important trading and investment partner.
Exports and imports between India and Ireland are extremely strong. In 2020, India’s exports to Ireland were 1.6% of total exports. This relationship is highlighted by the fact that Ireland accounted for 1.2% of India’s total EU imports.
As it is one of the countries in English-speaking Europe, there is a lot of potential to improve trade with Ireland. In comparison to the previous decade, bilateral trade between India and Ireland has increased by 6.5%. It is mentioned that it is four times of the commodity trade.
Some export figures.
Exports of aeroplanes and other aircraft to Ireland were already very high. In 2014, it accounted for 40% of total Indian exports to Ireland. In the following six years, total trade fell from $1.26 billion to $947 million.
Organic chemicals, which are fundamental raw materials for pharmaceutical products, will account for 38% of India’s exports to Ireland in 2020. Ireland supplied 33% of India’s imports of machinery and mechanical appliances. 70% of India’s 30 products are exported to Ireland.
The data also indicates that these items are highly skilled and technologically advanced.
Currently, 11 of India’s 21 exports go to Ireland, with pharmaceuticals, organic chemicals, nuclear reactors, and machinery accounting for 27.3% of the total.
Barriers raised by EU standards.
Non-tariff barriers related to product quality and standards make it difficult for developing countries to export to developed markets.
The majority of India’s top 50 products with export potential to Ireland require a high level of skill and technology.
It is a major issue that Indian manufacturers are unable to meet the European Union’s and Ireland’s markets’ health, environmental, and safety standards. Pharmaceutical products have a high export potential as well. On the other hand, long delays in making decisions on new drugs are a hindrance.
Irish Samachar English News
Kindly click the link below to join WhatsApp group chat to get important news and breaking news from Irish Samachar.
Comments are closed.