EU needs to protect Ireland in fallout from Brexit - Lynn Boylan MEP
Sinn Féin MEP Lynn Boylan has called on the European Union to formulate a tailored plan to protect Ireland from the fallout of Brexit given that under the two most likely subsequent trade models, World Trade Organisation (WTO) or Deep and Comprehensive Free Trade Agreement (DCFTA), it is projected that Ireland could suffer almost equal GDP losses to Britain by 2030.
MEP Boylan said:
“Ireland the most exposed country in the EU to the fallout of Brexit, so it is simply illogical for the EU to try and deal with the fallout from Brexit on an EU 27 level without paying specific attention to Ireland.
“Because Ireland is exposed in three critical areas, trade linkages, banking linkages, and capital market linkages, the fallout is expected to be particularly acute economically, with unquantifiable social damage, unless a plan is formulated between the EU and Ireland to negate this.
“This morning the EU Parliament Internal Market and Consumer Protection Committee held a workshop on possible consequences of Brexit. At the workshop Dr Michael Emerson of the Centre for European Policy Studies in Brussels highlighted how in the event of the most likely future trade models, WTO or DCFTA, between the EU and Britain, Ireland could suffer almost equal GDP losses (between 3-4%) as Britain by 2030.
“The workshop disused in equal measure the political, legal, trade, and economic implications of withdrawal of the Britain from the EU, as well as scenarios for future cooperation between EU and Britain.
“With that in mind, Ireland is also uniquely well placed to capture the market share any available opportunities. However, this will require the EU to engage with Ireland in a different manner to other EU countries; that is just the reality of the situation.
“It is imperative that the EU formulate a tailored plan outlining how it will help Ireland overcome the negative economic shock following a new trade deal between the EU and Britain. It is particularly necessary that infrastructural investment is forthcoming in order to help Ireland position itself to capture the market share of available manufacturing and services jobs and investment in a post-Brexit EU.
“Furthermore, the EU must look at a relaxation of state aid rules so the Irish Government can help companies and workers deal with the situations as they materialise after a new trade agreement is formulated with Britain."