So what is happening to the markets and trading in the east once Britain pulled out of the EU? How did it affect trading? Actually that question can also be posed for the western world too. Here we look at the positive impact this move has had on the Irish Republic.
It seems like because of Brexit there will now be some kind of trade border between the UK and the Irish Republic. Since the UK decided to leave the EU, now it is necessary for there to be customs checks on anything moving between Europe and the UK, both ways. Since this also includes the Republic of Ireland, the trade border has to be set up.
The negative part of this is that this will involve more bureaucracy and costs. John O’Loughlin of PwC Ireland explained this further:
“Understanding the Brexit impact across all parts of the business continues to be a critical action, and with much commentary in recent days regarding the relationship between the UK and EU and the EU’s stance that a transition deal is not a given, we must all continue to watch the clock tick towards March 2019.”
Meanwhile British authorities have voiced “object[ion over] EU proposals for avoiding a hard border on the island of Ireland but haven’t been able to come up with any proposals of their own.”
Still, the loyalty the Republic has shown over the years to Europe should stand them in good stead since:
“By relying on its status as a loyal EU member Ireland has managed hold the British government to its promises in relation to a hard border in a way that would have otherwise been impossible. But it has also meant that the chances of a hard Brexit have been increased.”