The prime minister Neville Chamberlain summarised the 4 possible areas for discussion in a debate on the Eire Bill held on 5 May 1938: "The first was the question of partition; the second, of defence; the third, finance; and the fourth, trade."
Chamberlain summed up that: "In spite of all the controversies of the past and all the heat that has been generated, this country and Eire cannot do without one another.
[2] The treaty abolished the 20% tariffs that both the United Kingdom and Ireland placed on their respective imported goods.
The apparently favourable saving of £1,175,000 was made much of on the Irish side, but more than matched what the British would have gradually lost over the 47 years, if the value was discounted on the Time value of money basis.
The United Kingdom also transferred to the government of Ireland the Treaty Ports (Queenstown (Cobh), Berehaven and Lough Swilly).