Britain| Britain's struggle to leave the European Union (EU) will end on Friday. The EU Parliament has given its approval to the Brexit Agreement. Under this, Britain will break away from the European Union at 11 pm (local time) on 31 January'2020. After a 4-year pullout, the EU parliament sealed the Brexit agreement with a majority of 621 votes, up from 49. The agreement was finalized by British PM Boris Johnson after negotiations with 27 EU leaders in late 2019. Brexit was approved by Britain in a referendum held in June 2016. Although Britain will remain in the EU's economic system until the end of 2020, it will have no interference in policy matters. It will also no longer be a member of the EU.
What is Brexit?
Britain's exit from the EU was called Brexit. 28 European countries have economic and political participation in the EU. After the Second World War the EU was formed to increase economic cooperation. The idea was that the countries which would do business together would avoid war among themselves. The EU has its own currency Euro, 19 member countries use it. Britain joined the EU in 1973.
Why it is need?
Britain never entered the European Union. In contrast, the EU has more control over the lives of the people of Britain. He imposes several conditions on Britain for trade. British political parties feel that even after paying membership fees billions of pounds annually, Britain does not benefit much from it. Hence the demand for Brexit was raised.
Farewell with traditional song
There was an emotional atmosphere during the vote for Brexit in the EU Parliament. After the vote, MPs sang traditional songs for Britain. EU President Ursula Vaughan reiterated the lines of British famous writer George Elliott, saying, "We see the depth of our love only in the sorrow of separation." Europe. At the same time, there was also the happiness of the completion of the breakout.
Effect-
Britain: 68 thousand rupees per capita burden
53 thousand crore rupees annually to the British economy due to Brexit. Will be lost. The latest research by the think tank Rand Europe and the Bartelsmann Foundation in Germany, states that goods and services will be taxed in Britain when exited from the EU. This will make them expensive. People's expenses will increase. Their income will decrease. This will cause loss of 45 thousand crores to the people. Its per capita burden in Britain is Rs. 68 thousand. Will come. A few days ago, Bloomberg has estimated a loss of 18.9 lakh crore in the report from 2016 to 2020. Currently, it is worth Rs 12 lakh crore. Has reached.
On the world: Germany-France GDP will increase
The absence of Britain will also affect the economy of the European Union. The EU currently holds 22% of the global economy. Withdrawing Britain will remain at 18%. The EU population will also decline by 13%. At the same time, Germany's GDP in the EU will increase from 20% to 25% while that of France will increase from 15 to 18%. America will also benefit. The UK contributes 1.50 lakh crore rupees to the EU economy. The EU will also no longer make concessions to Britain.
On India: FTA will provide big market
1- India is the third largest country to invest in Britain. There are more than 800 Indian companies in the UK, employing 1.10 lakh people. Decreasing the value of the British currency pound will affect their profits.
2-If Europe made new rules, Indian companies would have to enter into new agreements. This will increase spending and will have to contend with the rules and regulations of different countries.
3-Britain may have a free trade agreement. This is expected to increase India's exports. The EU did not agree on this matter.
4-Britain is the central market. Many countries like Portugal, Greece carry goods from there. FTA with Britain will give India a huge market.
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