Friday 30 September 2016

'Brexit' fears are overstated says Teagasc expert

Published 09/12/2015 | 02:30

David Cameron and Enda Kenny at a recent meeting: would a Brexit reduce trade between Ireland and the UK?
David Cameron and Enda Kenny at a recent meeting: would a Brexit reduce trade between Ireland and the UK?

A potential British exit from the EU would not dramatically alter Ireland's trading relationships with the UK, a Teagasc economist said.

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It follows recent research from the ESRI that found a 'Brexit' would "significantly reduce" bilateral trade between the UK and Ireland by at least a fifth.

Teagasc economist Kevin Hanrahan said the ESRI study was looking at the impact of the UK membership of the EU on the whole economy, rather than the agri-sector.

"We'd probably find the geographic proximity, the long established trading links between the UK and Ireland mean that a Brexit would not dramatically alter our trading relationships with them," he said if they were to carry out specific research.

"How that would play out really does hinge on what trading rules will apply in the event of a Brexit. Will the UK be like an extra country like Norway that has access to the European markets and has to take on the European regulations without having any say on how they are framed?"

He feels it would be negative but not "as negative as the ESRI are estimating".

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