Survey Finds Brexit Will Have 'Enormous' Negative Impact On Irish Marine Industry
Brexit will have an ‘enormous’ negative impact on the Irish marine industry, with four out of five firms preparing for mass disruptions, delays, compliance and additional costs, according to the Irish Examiner.
The Irish publication reports on a joint survey from PwC and the Irish Marine Institute, published ahead of a marine industry event in Galway, which highlights anxiety around a potential UK land bridge.
The land bridge would result in restricted areas for trade routes, and PwC customs and international trade partner John O’Loughlin advised firms, exporters in particular, to prepare for a hard Brexit.
He said that for the marine sector, which is highly export-oriented, planning is essential, especially where the Uk is the end-market.
“In addition, planning is essential when using the UK-land bridge. A review of supply contracts will be critical when determining who is responsible for fulfilling all relevant customs obligations on import and export,” he said ahead of the ocean web summit.
“There will be a need to lodge customs declarations and manage other administration and compliance matters as well as dealing with the risk of delays at ports. But there are opportunities and market diversification is essential. Firms need to plan now for the possible interruption and disruption that may be caused by Brexit.”
Management from Port of Cork has said that it is vital that Ireland avoids becoming isolated from mainland Europe. Chief executive Brendan Keating has warned that Ireland would need EU funding to shore up lack of connectivity to major European routes.
“I’m concerned about maritime transport connectivity. State aid rules, as currently constituted, don’t allow EU support of the purchase of ships or that kind of mobile asset, I believe. However, I do believe some kind of subvention can be issued to operators of such ships for such services.”
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.