The Northern Ireland secretary pushed to “unlock the economic potential” of Northern Ireland, in his first official visit abroad, where he also explored the possibility of boosting trade and investment.
In sanctions news, the US has announced its latest measures against Iran, with senior White House officials declaring that they would try to sever “every economic lifeline” that Iran currently uses.
Boost NI trade, says Bryant
Northern Ireland secretary Sir Chris Bryant said that he wants to “unlock” the economic potential of Northern Ireland during a visit to Dublin yesterday (24 August).
Bryant, a former trade minister, held bilateral meetings with Irish trade minister Helen McEntee, as well as justice minister Jim O’Callaghan during his first visit to Ireland since taking office.
He attended a roundtable with Irish and British business leaders to unlock “Northern Ireland’s economic potential” and explore the possibility of boosting cross-border trade and investment.
Bryant said that he was “committed to working collaboratively” with Irish counterparts.
“I am also here today to make the case for Northern Ireland’s immense economic potential, and for trade and investment that benefits communities both in Northern Ireland and across these shared islands.”
Northern Ireland has been trading under the Windsor Framework since its final implementation date of 1 May 2025, which saw a new set of trading arrangements for goods moving between Great Britain and Northern Ireland to avoid a ‘hard’ border being imposed on the Irish sea.
Economic ‘war’ declared
The White House has announced a new set of sanctions measures against Iran, as it attempts to ramp up economic pressure on Tehran.
The US treasury department declared it an “economic D-Day”, referencing the second world war, with treasury secretary Scott Bessent saying that the US would unleash “an economic onslaught” against Iran’s financial supporting network.
“Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone.”
Bessent promised that under operation ‘Economic Outcast’ various US government departments would “tighten the noose and block every potential source of revenue that funds” the Iranian regime.
He insisted that Iran’s military network had been “dismantled” and that this was the next step towards forcing the Iranian regime to step down.
However, domestic realities are also likely to be at play. Following the collapse of the truce between the two, fears over high petrol prices continue to dog US voters, and Trump’s ratings on the economy, inflation and foreign policy have collapsed only months before a crucial set of midterm elections.
Iran said it was “fully prepared” to counter these new measures.
On the same day, the US also relieved some sanctions on Syria: The country is no longer designated as a ‘state sponsor of terror’ and measures against the al-Nusrah Front, also known as Hay’at Tahrir al-Sham, were rescinded.
IMO warnings on piracy
The head of the International Maritime Organisation (IMO) has called for unified action against piracy in the Middle East, following the hijacking of a vessel last week.
“Shipping challenges are on the rise with the recent increase of piracy incidents in the Gulf of Aden,” said IMO secretary general Arsenio Dominguez, drawing attention to the sixth vessel hijacked in the past few weeks and the holding of almost 90 seafarers by pirates.
“The deteriorating maritime security situation in the region demands urgent attention. While international focus has been drawn to other areas of heightened tension, we cannot allow the resurgence of piracy in the Gulf of Aden and surrounding waters to go unaddressed. The safety and security of seafarers must remain a global priority.”
Since the resumption of the Iran-US/Israel war, the threat to shipping in the Gulf of Aden has only grown, with commercial vessels struck or hijacked by forces linked to Iran.
Other headlines
· UK prime minister visited Ukraine in his first trip abroad as leader, reiterating his “unwavering” commitment to supporting Ukraine’s war effort
· Hannah Clarke, lead analyst for red meat at the Agriculture and Horticulture Development Board, warned Politico that the UK could become a “dumping ground” for Brazilian beef
· Damage from climate change could outweigh the benefits of any new drilling in the North Sea Oil fields, according to newly published research
Yesterday in Trade
· Talks between the US and Canada over tariffs collapsed over the weekend
· The question of concessions on EU student numbers and tuition fees has once again entered EU-UK ‘reset’ talks
· Iceland is set to have a referendum on potentially joining the EU
