Maura Hopkins (Fine Gael) | Oireachtas source

I wish to continue our discussion on Brexit and to raise the serious implications for the Irish agrifood industry following the decision by the people of the UK to leave the EU. The UK is our single biggest trading partner and Irish agribusiness will, undoubtedly, be the most exposed. Ireland exported €5.1 billion in farm produce to Britain in 2015. A recent Teagasc survey has suggested that it could drop by up to 8% or €800 million per year.

There are major issues in this regard. The collapse in the value of sterling makes Irish exports expensive and will have an immediate negative impact on agriculture. Some 41% of all Irish food and drink exports go to the EU. The impact of the pound falling to an all-time low will see lower prices for Irish farmers in the coming months.

I am concerned about the possibility of trade barriers and tariffs. They are real possibilities for the UK and Northern Ireland. There is extreme uncertainty. Quite a number of farmers have contacted me over the past number of days and they have genuine and sincere concerns in this regard.

In 2014 the UK's contribution to the Common Agricultural Policy budget was €1.27 billion. As we know, CAP payments sustain many Irish farm families. Similarly, we are concerned that EU farm payments, which are so essential for Irish farmers, could be severely hit.

The exit will take a number of years to negotiate. We are very concerned about the terms of the negotiations, particularly the impact an exit will have on Ireland. I welcome the contribution made by the Minister for Foreign Affairs and Trade yesterday in terms of trying to use all of the resources available to meet those challenges. Will the Minister for Agriculture, Food and the Marine address the Seanad? Agribusiness is a key sector of the Irish economy. Therefore, it is important that we understand what short-term and long-term implications there be and what measures will be put in place to help us get through this process.