The result which was announced on the morning of 24 June showed that 51.9% voted in favor of leaving the European Union whereas 48.1% voted in favor of remaining a member of the European Union as shown in the table:
It is for sure that the UK and the other EU would be directly or indirectly affected by Brexit. According to a survey, it is found that many businesses in UK are already worried about the impact of referendum uncertainty since as UK has voted to leave, the stable new stable relationship with the EU will itself be prolonged and highly uncertain. Surveys find many UK businesses are already worried about the impact of referendum uncertainty.
After a thorough reading, we came to find out that Ireland is one of the EU nations mostly affected by Brexit. Ireland has very close and firm financial, investment and trade links with the UK and in the case of Ireland; Ireland is closely related to the UK in many policy terms as well.
Of all the European nations, Ireland is the only member state to share border with the UK. So it certain that due to the sharing of the land border with each other, Ireland has a deep connection with the United Kingdom in relation to trade, supply, language, migration and culture. Ireland exports billion worth of goods and services from the UK. According to a survey done in 2013, Ireland exported €14.8 billion worth of goods and €5.8billion of services to the ...
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... €3.3 billion worth of agri-food products which is 49% of agri-food exports of Ireland. Similarly, Ireland imported a total of 46% of total agri-food goods from the UK.
After the Brexit, it would for sure cause a great impact on UK-Irish agri-food trade. There will be introduction of new border/customs procedures by the UK and possibly tariffs. An additional procedure which includes origin checks, increased documentation and physical border checks may likely affect trade costs. Trade costs may increase which would increase the cost base value putting pressure on Irish exports prices to the UK. Tariffs on agri-food trade could be another drawback for the Irish exporters. On the other hand the import prices could have upward pressure for the firms based on Ireland and also the retail prices would experience pressure whilst importing from the UK for Irish consumers.
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