Taoiseach Micheál Martin has said the European Union (EU) needs a Budget that can match its ambitions in terms of security and defence.

He was speaking to MEPs at the European Parliament in Strasbourg today (Tuesday, July 7) as part of Ireland's hosting of the EU Presidency for the next six months.

His phrase to the parliament chamber of 'Ní neart go cur le chéile' - there is no strength without unity - marked the theme of not alone the Taoiseach's speech today but also the Irish EU presidency.

"Trade is also fundamental to our shared future and prosperity for our citizens," the Taoiseach remarked.

"The challenges facing international trade today are formidable and possibly greater than at any time in the last half century and this requires us to be more driven and adaptive than ever before".

He added: "We will work to strengthen our trade relationships and diversify our markets further afield, deepening trade with important partners such as India, Australia, Malaysia, the Philippines, Thailand, and the United Arab Emirates."

The Taoiseach acknowledged that high energy prices are affecting families right across the EU and globally.

"We will prioritise work to enhance Europe's security of supply and the development of sustainable, affordable and secure energy systems," Martin said.

EU Budget

In terms of agreeing a budget for the EU for the seven years up to 2034, Taoiseach Micheál Martin said: "One of our union's greatest weaknesses is that we place such high demands on it, but are unwilling to fund it appropriately.

"Looking forward to the next budget, there are constraints which are unlikely to disappear, but we certainly have the obligation to show both an ambition and urgency," Martin added.

The Taoiseach told MEPs that he believes that agreement on the EU Budget can be agreed by the EU Council by the end of this year.

"There are very different views around the table about how we raise our money and how we spend it, but we will work as an honest broker to try to narrow gaps and try to bring people together."

With many countries in favour of cutting funding for the Common Agricultural Policy (CAP) in favour of defence and security spending and others strongly in favour of increasing CAP and rural funding, the next six months will be a real test of diplomacy and chairmanship on the part of Micheál Martin.