1. Risk of reintroduction of border controls on the Irish/Northern Irish border - This could have wide ranging economic consequences for the border region and could, potentially, have negative political consequences including for the Northern Ireland peace process.
  2. Risk of reintroduction of customs procedures and tariffs - While the scale of this risk depends on the agreement reached between the EU and the UK, the cost of trading between the EU and the UK will invariably increase. Given the scale of Irish/UK trade this could result in higher prices for Irish consumers and higher prices of Irish exports to the UK making them less competitive.
  3. Risk of dual regulation - An EU Member State must generally allow produce to be marketed and sold in its territory if it has been validly marketed and sold in another EU Member State. However, when the UK leaves the EU, Irish products exported to the UK would have to meet both EU and, potentially different, UK regulatory requirements, adding to the cost of trade.
  4. Risks arising from heightened competition in the UK market The UK will have greater freedom regarding the terms on which non-EU companies will have access to the UK market and this may place Irish exporters to the UK under additional pressure as a result of more intense competition in the UK market - Ireland's largest export market.
  5. Particularly material risk for certain sectors of the Irish economy including agriculture, food and drinks and base metals - Risks in this area are particularly great for certain sectors of the Irish economy which are especially dependent on exports to the UK. For example, the UK is Ireland's largest market for food and drinks exports and the sector is disproportionately exposed to the negative impacts of Brexit on trade.