Following the consideration of a memorandum dated 9th February, 1948, submitted by the Minister for External Affairs,¹ authority was granted for the setting up of the Irish side of the Standing Joint Committee on Anglo-Irish Economic Relations, consisting of representatives of the Irish and British Governments.

The following terms of reference for the Committee were also approved:-

• to keep under review the current economic relations between the two countries;
• to consider any difficulties arising in carrying out the objective of increasing trade between the two countries which either side wishes to raise, it being understood that the Committee is not intended to replace or interfere with the despatch of current business through the usual channels; and
• to consider the feasibility, within the limits of the economic policy of each country, of further measures of mutual economic advantage, and, particularly, those designed to make the fullest and most efficient use of the productive capacities of both countries, to increase the exchange of goods between them or to strengthen the balance-of-payments position of the sterling area as a whole.