After a stalemate of several months, the UK and the European Union have finally agreed to a Brexit trade deal. After which Britain will no longer be part of the European single market. The UK Prime Minister’s office at 10 Downing Street confirmed this, saying that we have finalized a trade deal with the European Union (EU). We have withdrawn our money, our customs, our laws, our trade and our aquatic fishing area.
Britain has announced good news
The UK Prime Minister’s Office said the deal was great news for families and businesses living in all parts of the UK. We signed the first free trade agreement based on zero tariffs and zero quota. This could never be achieved by living with the EU.
India’s advantage or disadvantage of Brexit?
India could have a free trade deal with Britain after the Brexit trade deal. This can help increase trade between India and Britain. Great Britain is a small country, but it is a central market. Many countries like Portugal and Greece transport goods from Great Britain. An FTA with the UK can give India a huge market.
India will have a chance in these areas
India was also trying to conclude an FTA with the European Union, but it was not successful. India will benefit from the separation of Great Britain from the EU. According to a Bank of America report, the UK and the European Union could remain in deficit in the Brexit process. Here India can play an important role in offering products and services. India can become a major partner in the areas of technology, cybersecurity, defense and finance.
What is the break
Brexit ie United Kingdom + Exit. Brexit simply means the exit of Great Britain from the European Union. Britain had announced its exit from the European Union a year earlier. There were talks about the Brexit trade deal on several occasions during the tenure of former Prime Minister Theresa May, but the deal could not be reached. After that Boris Johnson, now British Prime Minister, held several meetings with the European Union on this issue.
How the European Union became
All the countries participating in the war ending World War II had to suffer losses. Five years after the end of this war, France and Germany concluded a treaty declaring that the two countries would no longer wage war on each other. As part of this program, six countries signed an agreement in 1950. Seven years later, a treaty was made in Rome. After that, the European Economic Community (CEC) was formed. This European Economic Community is known today as the European Union. At the beginning of 1973, three new countries joined. One of those countries was Great Britain. Currently, the EU has 28 members and their total population is around 500 million.
Currently, these countries are members of the European Union
The European Union currently comprises 27 countries. Including Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Republic of Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.