A new survey has found that Irish companies are concerned about the Brexit talks and are planning for all eventualities.
Employers’ group Ibec has found that customs and certification barriers, future regulatory divergence and exchange rate volatility are among the issues of most concern.
The study also revealed that more than one in five firms have Brexit contingency plans already in place, while half will devise plans over the coming months despite the political agreement on a transition period to the end of 2020.
Ibec CEO Danny McCoy said: "Business is actively working to support an outcome that delivers close EU-UK alignment into the future, but major obstacles exist. The type of EU-UK free trade agreement that currently seems likely would amount to a significant deterioration of the current economic relationship and would come with a heavy economic cost.
"It is crucial that a deal guaranteeing no hard border with Northern Ireland is significantly advanced over the coming weeks. Political commitments must now be given full legal force.
"The best way of avoiding a hard border on the island of Ireland, and between the wider EU and UK, is for the UK to remain in a customs union, and for far-reaching regulatory alignment to continue. It is vital that the political obstacles to this mutually beneficial outcome are overcome."
