EU-EK finally reached a Brexit trade deal; tariff threats and concerns about Irish food sector have ended

DUBLIN: Negotiations between the European Union and the United Kingdom to finalise the Brexit trade deal have been completed.

European Commission President Ursula von der Leyen, said the agreement was fair, balanced and right.

The agreement was officially announced at a press conference by Ms. von der Leyentoday after 10 months of tough negotiations.

British Prime Minister Boris Johnson said the deal will enable the UK to regain control. “We have taken back control of our laws and our destiny. We have taken back control of every jot and tittle of our regulation in a way that is complete and unfettered,” Mr. Johnson said.

Taoiseach Micheál Martin said the Government will “consider the detail of the text very carefully”.

No more tariff threats and concerns about Irish food sector

Concern over the food sector in Ireland has eased as the European Union and Britain reached an agreement on post-Brexit trade. The deal would help to remove the immediate threat to the beef, dairy and other food sectors that employ hundreds of thousands of people.

About 50% of meat exports go to the UK. Jim Power, a senior economist, said people in the UK were more likely to avoid Irish food products as a result of the hefty tariffs. This threat ended with the elimination of tariffs.

John Whelan, head of trade consultancy, the Linkage Partnership, said that despite significant changes in trade patterns, concerns about key tariffs affecting most export sectors have been allayed. Mr. Whelan said the Northern Ireland would also benefit from continuing in the single market.

Aidan Flynn, head of Freight Transport Association Ireland, welcomed the agreement. There will be difficulties and complications ahead for freight but having a deal will improve relations between the two blocs which is really important from an Irish perspective and for the future,” Mr. Flynn said.

If Britain had refused a trade deal with EU, it would have weakened the massive jobs spread across the Cork, Midlands and the North. The Economic and Social Research Institute had earlier stated this.

The fall in the value of sterling against the euro since the Brexit referendum in June 2016 has hit tourism hard as fewer Britons travelled across the Irish Sea. Sterling, which was trading at 73 pence on the eve of the UK referendum, traded above 90 pence until last night. Shares of Brexit-fearing Irish companies, including Bank of Ireland, hotel group Dalata, and Ryanair, were also part of the concern.