STUDY ECONOMIC RELATIONSHIP WITH IRELAND

2025 Regular Session Introduced by Pat Boone and 4 co-sponsors

Directs interim committee to study a formal New Mexico–Ireland economic relationship and propose 2026 initiatives, possibly creating a NM–Ireland Trade Commission; no funding.

Signed

#memorials #other

HM 59: Study Economic Relationship with Ireland — Summary

Overview

Type: House Memorial (no appropriation)

Purpose: Request an appropriate interim legislative committee to study the benefits of a formal economic relationship between New Mexico and the Republic of Ireland and to propose legislative initiatives for the 2026 legislative session.

Status and key dates:

Introduced: March 14, 2025
Committee action: DO PASS in Commerce & Economic Development Committee (March 18, 2025)
House passage: March 22, 2025
Signed: April 22, 2025

Related bill: HM59 relates to House Bill 564, which would establish the New Mexico-Ireland Trade Commission to enhance bilateral trade and investment.

Purpose and Intent

The memorial aims to explore the potential benefits of a formal economic relationship with Ireland, including a possible New Mexico-Ireland trade commission, and to develop legislative initiatives for the 2026 session.

It emphasizes the historical and current trade exchanges between the U.S. and Ireland and highlights New Mexico’s cultural and economic ties to Ireland.

Key Provisions

Directs the appropriate interim legislative committee addressing economic development issues to:

Study the benefits of a formal economic relationship with Ireland.
Consider establishing a New Mexico-Ireland Trade Commission to advance bilateral trade and investment.
Make concrete recommendations for legislative initiatives for the 2026 legislative session.

Requires transmission of memorial recommendations to the NM Legislative Council co-chairs and the secretary of economic development.

The memorial itself does not create new programs or authorize spending.

Fiscal Impact

The Fiscal Note states no appropriation is required and there is no anticipated fiscal impact.

The Legislative Finance Committee notes it has not yet received agency analyses due to the short timeframe, but the current reading indicates no ongoing cost.

Background and Context

The memorial cites U.S. exports to Ireland (e.g., $24.1 billion in 2023) and Ireland’s exports to the U.S. ($67.4 billion in 2023), with growth trends over five years.

Highlights sectoral trade items (e.g., vaccines, packaged medicaments, planes) and mentions Ireland’s growing but historically smaller share of New Mexico’s total trade.

Notes Ireland’s limited appearance in NM’s top markets for foreign direct investment, based on prior analyses.

References existing bilateral and European market considerations, including the potential benefits of access to the European Union for NM companies.

Effective Date and Timeline

Memorials generally lack an explicit effective date; HM59 notes that, if enacted, it would take effect 90 days after legislative adjournment (or around June 20, 2025).

Potential Impact

Signals legislative interest in strengthening NM-Ireland economic ties.

May lead to the creation or expansion of a formal NM-Ireland trade framework (via HB564) and related policy initiatives in technology, agriculture, energy, policy coordination, and infrastructure.

Could influence future budget discussions if the 2026 initiatives require funding.