What is BrExit?

What is BrExit? You must have read about it in newspapers, social network or everywhere. Let’s try to decode it.

What is European Union?

  • It is an economic and political partnership involving 28 European countries to foster the trade together.
  • The member countries act as single market.
  • It has its own currency i.e. Euro.

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BrExit

  • Britain + Exit = BrExit
  • It means Britain’s exit from European Union.
  • It is a referendum which asks voters the question whether the country should “remain a member of the European Union” or “leave the European Union.”
  • Britain has voted in favour of BrExit with 51.9% in favour as compared to 48.1% against it.

What Britain has to do to exit from EU?

  • If Britain wishes to exit European Union, then it have to invoke Article 50 of the Lisbon Treaty
  • It could take Britain upto two years to actually leave EU.

Repercussions on India?

  • There will be volatility in global economy on short term basis.
  • Speculations on what will be new trade equations between India and UK?
  • There are 800 Indian companies operating in UK employs about 110000 people. There is definite uncertainty about how foreigners will be treated in UK.

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