It is one of the most important economic departments in the Irish Government, responsible for the implementation of policy in five key areas: A large element of the work of the Department arises from Ireland's membership of a number of international organisations, in particular the European Union and the World Trade Organization.

The Department plays an active role in the development of EU and WTO policies, particularly to ensure that Ireland's interests are protected.

In July 2009 the Special Group on Public Service Numbers and Expenditure Programmes proposed merging the Competition Authority and the National Consumer Agency.

Bodies and agencies associated with the Department include: In the Ministry of Dáil Éireann of the Irish Republic (1919–1922) there was a separate Minister for Industries and a Director of Trade and Commerce.

This act provided it with:[1] the administration and business generally of public services in connection with trade, commerce, industry, and labour, industrial and commercial organisations and combinations, industrial and commercial statistics, transport, shipping, natural resources, and all powers, duties and functions connected with the same, including the promotion of trade and commerce by means of educational grants, and shall include in particular the business, powers, duties and functions of the branches and officers of the public services specified in the Sixth Part of the Schedule to this Act, and of which Department the head shall be, and shall be styled, an t-Aire Tionnscail agus Tráchtála or (in English) the Minister for Industry and Commerce.The Schedule assigned it with the duties of the following bodies:[2]