In light of Brexit, is there an opportunity for more trade with China?
Trade and Trade Alike
As Brexit conversations continue to get increasingly unclear and Ireland’s standing remains uncertain it is important that focus shift onto Ireland’s business and trade strengths rather than solely where we may have difficulties following Brexit, particularly in the event of a ‘Hard Brexit’. In the past, year we have spoken about Irish optimism ahead of Brexit and the ways in which Irish businesses could ensure their continued strength and prosperity going forward onto uncertain terrain.
As China’s leader Xi Jinping continues his European Tour, one might expect that Ireland would not crop up in conversation or be worth much note at this time. It may seem like an odd comparison to discuss Irish trade and business in relation to Italy and China, with our small island seeming to pale in comparison to such trade giants and global superpowers, but you may be surprised to learn that Ireland in fact currently supplies more food to China than Italy, proving again the vitality and strength of our independent trade.
Whilst Italy has recently slipped into somewhat of a recession, and Ireland continues to grow following our own economic crisis, we are on more even footing than we may even realise. Discussions within this European Tour will hope to encourage more openly reciprocated trade routes between the European Union and China, into which Ireland is certain to factor. The attempt to create something of a modern day ‘silk road’ has been met with equal parts scepticism and fear as Italy sign on.
It seems that European leaders are now intent on creating a new bond with global giants such as China, and on securing the global status of the EU especially as talks continue for Brexit. The EU’s labelling of China as a “systemic rival” was met with displeasure as the EU begin to clamp down on any issues or threats, following the messy divorce that Brexit continues to be. It has been stated that the EU will no longer naively go along with any deals that do not benefit the greater good of the EU and will no longer allow access to the EU market when access is not reciprocated. This could open trade routes going forward and ensure the continued power of the EU globally.
Whilst Brexit continues to drag on and loom large, and we do not have a crystal ball into the future, it is good to know that Ireland is safe in the hands of its big sibling, the European Union.
As always here at EcovisDCA we are happy to reciprocate and welcome any questions or concerns you may have that we can assist with, we are grateful for your continued support and friendship.
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~ DCA PARTNERS, DECLAN DOLAN & EAMONN GARVEY