Canada-Ireland's Surging Economic Relationship
OTTAWA, ON, Sept. 26, 2025 /CNW/ - Trade between Canada and Ireland has increased substantially since the introduction of the Canada-European Union Comprehensive Economic and Trade Agreement (CETA) in 2017, nearly doubling from US$4.9 billion in 2016 to US$9.6 billion in 2023, according to new research from The Conference Board of Canada.
"The growth in trade speaks to the strength of the relationship between Canada and Ireland and underscores the value of diversifying our trade relationships with trusted partners," said Susan Black, President and CEO of The Conference Board of Canada. "Our research provides both a framework for prioritizing trade opportunities and identifies key actions that can build on the momentum we've already seen in bilateral trade and investment. Canada can deepen its economic ties, enhance its resilience, and create new avenues for collaboration."
Both economies have seen meaningful growth from this relationship. Ireland's goods exports have expanded dramatically, while Canada's service exports to Ireland have risen rapidly under CETA. At the same time, investment between the two countries has strengthened, with Canadian foreign direct investment (FDI) in Ireland climbing 131 per cent since 2016, and, on an ultimate investor basis, Ireland now ranking as the 10th largest investor in Canada.
Welcoming the report's findings, Ambassador of Ireland, John Concannon said "Our deepening relationship with Canada is generating tangible economic benefits for both countries. By exploring new opportunities to strengthen trade and investment ties, we are opening new pathways for growth and ensuring both economies remain strong and competitive. In particular, the report highlights the opportunity for Ireland to be a gateway for Canada into the European Union."
The research identifies considerable opportunities for growth. Annual trade in goods alone could increase by a further 37 per cent, adding approximately US$1.5 billion to annual bilateral trade.
Additional gains are also possible in services and direct foreign investment. Ireland has been particularly successful at attracting Canadian investment through its competitive costs, efficient administrative processes, and responsive government support from state agencies, including Enterprise Ireland, IDA Ireland, Bord Bia and Tourism Ireland. Organizations such as IBEC and the ICBA have also played a considerable role in promoting and facilitating bilateral trade.
However, while Canada's market is attractive to Irish exporters and investors, regulatory complexity in Canada, including interprovincial trade barriers, remains a challenge. Removing these obstacles will be key to capitalizing on the full potential of this growing relationship. To help both countries achieve the full potential of their trade relationship, the research outlines recommendations for both Canadian and Irish organizations and policymakers to deepen economic ties.
The research was developed through qualitative and quantitative analysis, including feedback from senior leaders with a deep understanding of Canada-Irish trade and investment.
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SOURCE Conference Board of Canada
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