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Brexit Issues

Dáil Éireann Debate, Thursday - 25 February 2021

Thursday, 25 February 2021

Questions (62)

Bernard Durkan

Question:

62. Deputy Bernard J. Durkan asked the Minister for Finance the extent to which Ireland has been able to avail of any opportunities in Europe arising from Brexit; and if he will make a statement on the matter. [10878/21]

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Written answers

Ireland regrets the UK’s decision to leave the EU, however we have always respected it. As a result of Brexit, many aspects of our relationship with our nearest neighbour have changed fundamentally as we no longer share EU membership.

The net impact of Brexit on the policy areas within my remit is negative. The principal negative impact arises from the trade shock, mitigated somewhat by a positive Foreign Direct Investment impact resulting from a redirection to Ireland of investment from firms looking to relocate within the EU Single Market. Ireland’s international financial services sector is expected to become broader and more diverse as a result of such relocations.

In the face of Brexit, the Government has been taking steps to build up the resilience of the economy by developing and expanding our economic and trade relationships, both with our EU partners and with other overseas markets. The Mission Network abroad, in partnership with the State Agencies, is playing an important role in terms of public and economic diplomacy.

While we no longer share EU membership with the UK, Ireland continues to share good, strong and enduring relationships with the other members of the EU27. This was most visibly demonstrated during the EU-UK negotiations on the future relationship, in respect of the Northern Ireland Protocol and work to avoid a hard border on the island of Ireland; as well as in the recent publication of the Commission’s proposal on the Brexit Adjustment Reserve, where Ireland is set to be the largest recipient, reflecting our close economic and trade relationship with the UK.

We look forward to continuing to work with our EU partners across the full range of policy areas, as well as working with like-minded Member States as we seek to promote Ireland’s policy priorities. We will also continue to work closely with our EU partners as we navigate the common opportunities and challenges before us, such as ensuring a shared and even economic recovery as we overcome the Covid-19 pandemic.

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