Taoiseach Micheál Martin is set to visit Luxembourg for a two-day trip, where he will meet with the country’s Prime Minister, Luc Frieden, reports RTE.
The two leaders plan to discuss a range of economic matters, including enhancing European competitiveness and the progress of EU-US trade talks.
They will also review the ongoing conflicts in Ukraine and Gaza, reports RTE.
Ahead of his visit, the Taoiseach noted that Ireland and Luxembourg both have “a shared interest” in strengthening Europe’s competitiveness and further developing capital markets.
“Bilateral relations between Ireland and Luxembourg are excellent and we are like-minded partners on many issues,” he added, reports RTE.
Mr Martin and Mr Frieden will also explore the European Union’s upcoming seven-year budget, set for 2028 to 2034, in light of the European Commission’s recent draft outlining a €2 trillion spending plan.
Trade between Ireland and Luxembourg is valued at approximately €3.5 billion annually, most of which is linked to the financial services sector, reports RTE.
Luxembourg, like Ireland, has long maintained an open economy and attractive corporate tax rates, drawing global investment funds and financial firms to set up operations there.
Both countries’ economies would be particularly vulnerable if a US-EU trade conflict were to escalate, especially if it involves retaliatory tariffs on digital and financial services.
US President Donald Trump has warned that, without a trade agreement by 1 August, he may impose 30% tariffs on EU imports, reports RTE.
However, Reuters reported yesterday that American and EU negotiators are discussing a broader tariff arrangement that could impose a 15% levy on EU goods.
While in Luxembourg, the Taoiseach will also engage with Irish business leaders based there and meet with members of the Irish community, reports RTE.
There are now more than 2,500 Irish nationals living and working in Luxembourg—a number that has doubled over the past decade, according to Ireland’s embassy in the country.
Tomorrow, Mr Martin is expected to hold talks with Nadia Calviño, President of the European Investment Bank (EIB), reports RTE.
They will focus on Ireland’s collaboration with the EIB and how the bank contributes to boosting European competitiveness through infrastructure investment.
Mr Martin called the EIB a “valued partner” that provides roughly €1 billion annually for Irish projects in areas like housing, energy, and water infrastructure, reports RTE.
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