Hearing Ireland’s Voice: New Brexit Report presents the views of German Companies in Ireland launched at German-Irish Chamber's Christmas Lunch, kindly sponsored by Audi Ireland.
December 9, 2016. Today Dr Volker Treier, Deputy Chief Executive Officer of the Association of German Chambers of Commerce and Industry, together with Ralf Lissek, CEO of the German-Irish Chamber and Brian Murphy, author and lecturer at the Dublin Institute of Technology, officially launched a new Brexit report with a view from the German Chambers at its annual Christmas lunch in the Conrad hotel in Dublin, kindly sponsored by Audi Ireland.
Over 100 guests from the various German, Irish and multinational businesses across Ireland and Germany gathered for the Christmas lunch and were eager to hear the outcome of the new report.
The report produced under the aegis of the German Chamber of Commerce focus on the likelihood that Brexit will mean that in the near future that Ireland’s two major trading partners – the UK and the United States – will be outside the EU.
A ‘hard’ Brexit, compounding Ireland’s ability to engage in free trade with the UK, may put severe pressure on Ireland’s EU membership in the medium-term. In order to underline the value of EU membership, the European Union may attempt to enforce costs on the UK after it leaves the EU. This has the potential to inflict serious collateral damage on Ireland and may give rise to anti-EU sentiment. By imposing very harsh terms on Britain to discourage other member states from exiting the EU, the EU need to actively consider whether this will build momentum towards an ‘Irexit’, further undermining European cohesion.
The impact of Brexit is a grave concern to people in Ireland. It is clear that the Irish economy will be severely affected short- and long-term by the fallout of the UK's departure. Though Ireland is remaining in the EU, Brexit stands to cost Ireland a lot of money, unless Ireland's unique circumstances are taken into account.
Brexit also has such a strong impact on the German business because the UK is Germany's fifth largest trading partner in foreign trade. The UK is Germany's third largest export-market with exports valued at €89 billion, behind the US and France. That means that about 750,000 jobs in Germany depend on the trade with the UK. Furthermore, the United Kingdom is the largest direct investor in Germany, with about 200,000 people working for British businesses in Germany.
Find a copy of the report HERE