An expert group to identify opportunities and threats in the global supply chain will be established as part of the government's new trade and investment strategy.

The expert group on global value chains and supply chains will be tasked with examining economic nationalism, open strategic autonomy and re-shoring initiatives to return production and manufacturing to companies' home countries.

Other actions outlined in the Value for Ireland, Values for the World strategy include promoting and enhancing to Ireland's "broader ecosystem" of trade and investment to enhance competitiveness, grow indigenous businesses, attract FDI and maintain high living standards.

Government will also embark on a public communications campaign to highlight the benefits of international trade and "foster a deeper understanding" of the impact of trade on jobs and Irish and EU interests, and make businesses more aware of free trade agreements and tax treaties.

Enterprise minister Leo Varadkar said it had been drawn up in the face of increasing global uncertainty and rising competition for trade and investment from fast-growing economies.

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Ireland's total trade exceeded €840bn last year, a record high, and international trade and investment underpins some 1.3m jobs, or half the country's workforce. However, the minister warned that such figures could not be taken for granted.

"Although we have our problems, in a world of nearly 200 countries Ireland is consistently ranked in the top ten or twenty in terms of prosperity and high living standards. Unlike other countries, we don’t rely on vast natural resources, such as oil, gas or diamonds for this wealth," Varadkar said.

"Trade is the source of our economic growth. Our attractiveness as a place to invest and our ability, as part of the EU, to enter and keep international free trade agreements with other countries is the entire basis of our economic model. It’s what has raised our living standards over the years.

The Tánaiste went on to say that "huge disruption" from Covid, Brexit, international tax reform, technological advancement, the need to reduce emissions and the war in Ukraine had redefined the challenges and opportunities related to global trade in the coming years.

"I’m particularly concerned with the implications these events will have for protectionism, with many using them as an excuse to put up barriers, which would be detrimental for Ireland and I believe quality of life globally," Varadkar added.

Varadkar will also chair the Trade and Investment Council, a group made up of ministers, senior officials, heads of state agencies and representatives of business organisations to oversee the implementation of the strategy.

Other priority actions include maximising Ireland's return from EU free trade agreements and the EU single market, and the launch of one "whole of government" trade mission to take place annually.

"Global events will continue to pose challenges to all of us, but if we maintain our open, pro-trade outlook and continue to grow our global footprint we will be better placed to navigate those challenges," Minister of State with responsibility for Trade Promotion, Digital and Company Regulation Robert Troy said. 

"In the past decade Ireland’s trade in goods and services increased by 170%, and with this new strategy and the work of our enterprise agencies we want to see that grow further with particular focus and benefit for our regions."

(Pic: Getty Images/Getty Images)