Brexit – British exit – refers to the UK leaving the EU.
Brexit is the scheduled withdrawal of the United Kingdom (UK) from the European Union (EU).
As the UK parliament thrice voted against the negotiated withdrawal agreement, that deadline has been extended twice, and is currently 31 October 2019.
The ‘Benn Act’ that passed in Parliament requires the government to seek a third extension if no agreement is reached before 19 October.
Why is the UK leaving?
A public vote – or referendum – was held on Thursday 23 June 2016, to decide whether the UK should leave or remain.
Leave won by 52% to 48%. The referendum turnout was very high at 72%, with more than 30 million people voting – 17.4 million people opting for Brexit.
What is the European Union?
The EU is an economic and political union involving 28 European countries. It allows free trade and free movement of people to live and work in whichever country they choose.
The UK joined in 1973 (when it was known as the European Economic Community). If the UK leaves, it would be the first member
What after Brexit?
EU will start carrying out checks on British goods.
This could lead to delays at ports, such as Dover. Some fear that this could lead to traffic bottlenecks, disrupting supply routes and damaging the economy.
If the pound falls sharply in response to no deal and there are significant delays at ports, like Dover, it could affect the price and availability of some foods.
There are also concerns over potential shortages of medicines.
India should re-negotiate with the UK and EU the World Trade Organization Schedules of Concessions, for both goods and services, should resume its FTA discussions with the EU, and should prepare to launch FTA talks with the UK.
Connecting the dots:
Do you think India will get more opportunities in Britain after BREXIT?
Do you think BREXIT is Detrimental for the global economy ?
