FDI Calls For Tariff Stabilisation Fund In 'No Deal' Brexit Situation
Food Drink Ireland (FDI), the Ibec group that represents the Irish food and drink sector, has said that a tariff stabilisation fund will help agrifood exporters offset the impact of UK tariffs in the event of a ‘no-deal’ Brexit.
the UK's secretary of state for environment, food, and rural affairs, Michael Gove, said that the UK will apply tariffs on food imports to protect British farmers in a no-deal scenario.
FDI director Paul Kelly said, “Direct and immediate support measures are needed to offset these tariffs.
"For the €4.5 billion of food and drink that Ireland exports to the UK, an additional €1.7 billion in tariffs could be placed by the UK."
Kelly explained that tariffs are effectively taxes on trade and commerce, that would decimate much of Ireland’s agrifood exports to the UK.
"Tariffs flow back to central exchequers at national and EU level and must be recycled into a tariff stabilisation fund to offset serious damage to exports and job losses,” he added.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.