Bernard Durkan (Kildare North, Fine Gael)
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Question 122: To ask the Tánaiste and Minister for Foreign Affairs and Trade the degree to which new markets have been identified with the likelihood of greater potential for the future; and if he will make a statement on the matter. [2607/12]

Eamon Gilmore (Dún Laoghaire, Labour)
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As a small, open economy with relatively modest levels of domestic demand, Ireland is reliant on trade. Trading and Investing in a Smart Economy, the Government's Trade Strategy and Action Plan for the integrated promotion of overseas trade, tourism and investment, seeks to build on our strengths in existing markets and develop exports and tourism in emerging economies. The UK, USA and our Eurozone partners continue to be key markets for Ireland given our strong knowledge and understanding of these markets and the embedded relationships that include historical and cultural linkages. However, the Government is of course fully committed to developing and expanding engagement with key high potential markets, such as the so called BRIC countries – Brazil, Russia, India and China. We are already increasing our trade foot print in these markets. In the four years between 2006 and 2010 our Merchandise Exports to them have increased by 69% and our Services Exports by an even more impressive 130%. I am confident that a range of trade mission during the year ahead will help to build on the progress already achieved in these and other markets.

Local market teams chaired by the local Ambassador or Consul General and comprising representatives of the locally based State Agencies have been established in all of the priority markets, both established and new, identified in the Trade Strategy. These teams prepare detailed annual market plans and report on progress to the Export Trade Council, which I have established to monitor implementation of our Trade Strategy. It is my intention to hold the next meeting of the Export Trade Council next month when the Council will have the opportunity to review local market plans for 2012 as well as progress reports for 2011.