Ireland and Brexit

A few weeks ago I attended a lecture with the Consul General of Ireland to the Southwest region of the United States. He was speaking on Brexit and the challenges that Ireland is facing as a result. The border between the Republic of Ireland and Northern Ireland will be the only land border between the European Union and the United Kingdom. To complicate matters, this border has been extremely open for the past 20 years, ever since the Good Friday Accords brought peace to the region. The Irish and British economies are closely interwoven as well with many goods passing the border repeatedly throughout manufacture. Brexit has the capacity to greatly harm Ireland because of this interconnectivity.

Ireland is a small country and therefore a small market. Most of its GDP comes from trade and the bulk of that trade is with the UK, about $75 billion annually. Even as Brexit terms remain undecided, the value of the British pound is falling, increasing the price of Irish goods in the UK. Harsh terms of trade from the EU would make this problem worse for Ireland. Therefore, Ireland supports a soft Brexit, with relatively open borders and low if any tariffs. This would be the best case scenario for the Irish economy.

There is good news for Ireland as well though. The country has seen massive economic gains since its entry into the EU, and 80% of the Irish population favors remaining in the bloc, even after Brexit. To help cement its future growth, Ireland has been expanding its diplomatic presence abroad by opening new consulates and doubling personnel in many of their existing locations. Ireland has long been a small country in the shadow of the UK and the rest of Europe. However, they’ve begun making a name for themselves. Ireland is ready to take a place on the world stage, even vying for one of the nonpermanent seats on the UN Security Council for the upcoming rotation.

I really enjoyed this lecture because I know far less about Ireland than I would like. The downside to focusing my attention on a specific region is that I fall behind on the affairs of the rest of the world. I, like much of the world, was loosely following Brexit when the polls were open and it was current news. However, since the negotiations have been unproductive for so long, I fell out of touch with the issue. I enjoyed hearing this new perspective and getting an update on the events since Brexit was decided upon. All in all, it was another wonderfully informative event here at OU.

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