How Does Brexit Deal Affect the Economy of Ireland?by Jessica Rodz Loan Palace is Your Hope to Quick
Even though Ireland has declared itself as an independent country, it is still depended upon other countries of the European Union /EU for trade and other forms of policy. The recent problem arising in the UK due to the Brexit deal has affected Ireland as well. Even though Ireland is still attached to the EU for trade, the removal of the UK from the union will affect its neighbouring country in every way possible. Most of the people are expecting the economic disruption, in the country and have already started preparing themselves for it.
Most of them are taking independent loans and also taking unsecured personal loans in Ireland to stock up on the things that might go under demand if the UK moves forward with its decision.
What is the Brexit deal?
The UK along with 28 other countries together form the union called as the European Union creating a trade treaty where all the countries will have trade amongst each other and all the countries will have the same set of rules and regulations for trade. Ever since the end of World War II, this deal has been continuing for years until recently the UK decided to break itself free from the deal to form a separate trade commission for themselves and take the decisions among themselves. This decision has led to severe economic disruptions within the UK.
Effects on Ireland
If the UK moves forward with this deal, then Ireland will also have some serious effects on the trade. Even though Ireland would not face an economic crisis similar to the UK, it will face some problems in the department of trade and transportation. Nearly 40 percent of the country's agricultural products are being transported to the UK every year. If the deal is broken, and the UK decides to move outside the European Union then this export will be affected which in turn affects several agricultural workers and people. Also, most of the ships moving from Dublin to some parts of Belgium would now have to undergo severe customs checking after the implementation of the Brexit deal.
Opportunities for Ireland
Even though the Brexit deal causes, various disturbances in the economy of the country it also creates some opportunities like industrial development. Most of the companies that have been a part of both Ireland and UK have shifted their base operations completely to Ireland due to the problems that may arise as a result of Brexit deal in the form of trade and transportation.
Steps taken by the government of Ireland
The government has already started to expand the port of Dublin and placed several extra customs officers on the port to face the upcoming situation. The checking of ships and goods by the customs department has already begun, and the government is also placing several rules along the port to avoid the rush that might occur after March 29th. Right now nearly 2 lakh ships and containers are waiting in the Dublin port for clearance and the government is hoping to prevent it from becoming a million after the implementation of the deal.
Also after the implementation, Northern Ireland is the only border that would be stuck between the republic of Europe and UK thus making it difficult for trade. The government is already talking to the officials of the UK government to have a relaxed deal with the customs department since continuous checking of all the products will lead to delay which will affect the price indirectly. The government is already looking forward to making a good treaty with the UK regarding the agricultural products trade.
The ongoing problems
The customs checking has already started in the ports of Dublin for all the UK based containers that are entering the country. The government has also signed the backstop agreement with the UK on last December 2017 to keep the trade continuing and also to make sure that the customs checking is reduced to a minimum amount of time to prevent the overflow of the containers. Both the countries have also agreed to have a cross border cooperation among themselves to prevent some of the common issues as a result of the Brexit deal. The UK is strict about its food policies and it has always maintained a severe checking in the areas of meat and dairy transportation. The UK has decided to expand its checking on the food products after removing itself from the union.
Created on Feb 28th 2019 06:08. Viewed 130 times.