Ibec, the group that represents Irish business, today welcomed a new EU-UK agreement on a Brexit transition period, which it said was vital to enable businesses plan and prepare. It also said the clear acceptance by the UK of a comprehensive legal backstop, which will keep Northern Ireland in key parts of the Single Market and EU customs union in the absence of other solutions, was an important step towards safeguarding the all-island economy and cross-border supply chains.
Ibec CEO Danny McCoy said: “The agreed transition period will guarantee businesses at least 11 more quarters of full EU-UK alignment. It reduces the risk of a ‘no deal’ outcome and provides negotiators with more time to reach a final deal that keeps future divergence to an absolute minimum. Worrying EU-UK differences remain, but today's news is positive.
“The additional clarity that both sides are fully committed to a legal backstop that would avoid a hard border is important for the many businesses operating on an all-island basis. Ensuring that similar customs and regulatory alignment continues East-West between Ireland and Britain, as well as North-South, must now be a priority. "