As an ardent advocate of free trade, the State is likely to be among those calling for economic de-risking to be targeted
As an ardent advocate of free trade, State is likely to be among those calling for economic de-risking to be targetedTánaiste Micheál Martin: private sector, including academic institutions, should reflect on how to continue to build relationships with China. File photograph: The Irish TimesTánaiste Micheál Martin’s speech about China to the Royal Irish Academy on Tuesday comes as the European Union and its member states have started rethinking their relations with Beijing.
Martin endorsed this approach, which rejects the idea of “decoupling” or disengaging from the Chinese economy, as some in Washington are advocating. But he did not specify which sectors needed to be “de-risked” and he stressed that Chinese companies operating in the Republic would continue to be welcome.
He said the private sector, including academic institutions, should reflect on how to continue to build relationships with China while identifying areas where it might be necessary to de-risk. But he did not suggest any coercive action by the Government, implying that such private sector de-risking might be optional.
In fact, any EU-wide plan for de-risking will have to be coercive if it is to be effective and the United States is pressuring its European allies to target more of the Chinese economy. As one of the EU’s most ardent advocates of free trade, the Republic is likely to be among the voices calling for economic de-risking to be as targeted and limited as possible.
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