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Pooled Sovierngty
by being an EU member state, due to the pooled sovereignty provided by the EU, Ireland also has the ability to form international trade agreements with other countries more easily. For example, the EU-Singapore trade agreement in which it aims eliminate nearly all import duties on EU-Singapore trade and more efficient customs procedures to facilitate trade, while bolstering supply chain security through strengthened cooperation, Ireland has the ability to greatly benefit from this economically due it it being an EU member.
EU membership benefits
An economic benefit that Ireland has due to it’s EU membership is the EU facilitating Irelands economy through increased trade amongst countries. For example, he EU accounted for €63,859 million (40%) of total Irish exports in 2020, an increase of €7,211 million (+13%) on 2019. This is greatly beneficial to Ireland as the single market of the EU results in Irelands ability to trade easier and more efficent, subsequently helping grow its economy though trade.
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