Trade – Customs Union and access to the Single Market: The UK is a significant trading partner for Ireland and a substantial market for exports from indigenous companies so the future UK-EU Trade relationship will be critical Irish businesses, particularly our SME sector.
Currency Fluctuations: Currency volatility poses significant concerns for parts of the exporting sector reliant on trade with the UK, especially the food sector and areas of the economy sensitive to cross-border trade.
North-South trade and EU Peace Programmes: The EU INTERREG Programme is designed to promote greater levels of cross-border co-operation. The current round of INTERREG includes a Research and Innovation Strand, which is co-funded by DBEI and the Department for the Economy in Northern Ireland.
Common Travel Area: Both the Irish Government & the UK Government are committed to retaining the Common Travel Area (CTA). Any change to the CTA would have a significant impact on business activity generally and could potentially add greater pressure to the employment permits system.
Foreign Direct Investment: Ireland could see increased FDI opportunities on account of BREXIT in the financial services sector. The global FDI market is increasingly competitive with more countries vying for every new investment. Ireland has to fight hard to win each and every project, including those related to Brexit.
Innovation: Horizon 2020 is an important source of funding for research and innovation in Ireland. While the UK is an important partner in projects, we are well diversified in international research collaboration. There are opportunities to grow further research collaboration outside EU programmes and promote Ireland as a destination for mobile researchers, including from the UK.
Regulatory Divergence: Potential impacts emerge depending on the extent to which the UK align post Brexit with existing regulations and legislation underpinning areas under the remit of DBEI which include: company law, intellectual property, state aids, standards, social rights for workers.