Britain has exited the European Union after 47 years of membership. In a journey that began in January 2013 with the announcement of a referendum in which the British public would vote whether or not the country would go for Brexit (they eventually voted in favour), the formal exit has become official.
Let’s learn A to Z of Brexit .
What is Brexit ?
The term Brexit, coined by former lawyer Peter Wilding, is a blend of two words – “Britain” and “exit”. He wrote about “Brexit” in May 2012. As the name suggests, the United Kingdom’s divorce with the European Union is known as Brexit
Why Britain opted out of European Union (EU)
- Policies of EU were too protectionist and it did not favor competitiveness to the extent that would be beneficial for the British economy
- There is a feeling that EU immigrants have a negative impact on UK born workers, specially when refugee influx in Europe is at an all-time high
How does it impact India?
- British economy needs a steady inflow of talented labour, and India fits in this perfectly due to its high English-speaking population.
- It will give a big boost to trade ties between India and the UK through bilateral trade deals.
So, In the end we can conclude
India needs to prepare itself for further global slowdown and fast track negotiations with European Union and UK to complete a trade agreement which is mutually beneficial.