In a development that will have\nfar-reaching implications for Europe in particular and the world in general,\nBritain formally exited the European Union at 11 P.M. on January 31, 2020,\nfollowing the European Parliament approving the terms for the UK\u2019s departure\nfrom the Union on January 30, 2020. There were 621 votes for and 49 against the\nBrexit Withdrawal Agreement deal in the European Parliament, with 13\nabstentions. <\/p>\n\n\n\n
The vote of European Parliament marked the\nculmination of the ratification process of Brexit, or Britain\u2019s exit from the\nEU, a process that has been going on for more than three and a half years after\nthe UK voted for Brexit in a referendum in June 2016. The Brexit Withdrawal\nAgreement sets out the terms of the UK\u2019s
\n\u201cdivorce\u201d settlement with the EU, the rights of EU nationals resident in the UK\nand British expats on
\nthe continent and arrangements for Northern Ireland.<\/p>\n\n\n\n
Britain Prime Minister Mr. Boris Johnson had\nalready signed the Brexit Withdrawal Agreement on January 25, 2020. Earlier,\nthe British Parliament had on January 23, 2020 passed the Brexit bill which\nlater received
\nRoyal assent. The UK\u2019s exit from the EU brings to an end the lengthy and\ntumultuous divorce proceedings that followed June 2016 referendum in which\n51.9% voted to leave. The UK government formally announced the country\u2019s\nwithdrawal in March 2017. With passage of the agreement, the UK ended a 47-year\nrelationship with the EU.<\/p>\n\n\n\n
From February 1, 2020, the UK entered into an\n11-month transition period in which it will continue to follow EU rules but\nwithout representation in the bloc\u2019s institutions. This arrangement will come\nto an end on January 1, 2021, by which point the two sides hope to have\ncompleted negotiations on their future economic and security partnership, at the\nheart of which the government believes will be an ambitious free trade deal.\nUntil then the UK will remain in the EU\u2019s single market and customs union and\nthe movement of people between the UK and the rest of the EU will also\ncontinue.<\/p>\n\n\n\n
With Brexit finally done, the people and\npoliticians in the United Kingdom now look forward to tangible results of the\nsame with high expectations and accountability. The Sunday Times, <\/em>London,\nin its editorial on February 2, 2020, said that it has been the stock in\ntrade for British Prime Ministers for\nnearly half of a century to blame Brussels for problems of their own making.\nThat will not wash in future, as Mr. Michael Gove, Chancellor of the duchy of\nLancaster and one of the architects of Brexit, accepts. Now, the buck will stop\nwith the Government. \u201cPeople will now be able to hold those in power more\ndirectly to account, to yank on the chain and demand results,\u201d The Sunday\nTimes<\/em> quoted Mr. Gove.<\/p>\n\n\n\n The end of the UK\u2019s association with EU may also\nbe a beginning of bickerings over exit negotiations with the Downing Street\nalready crying foul about the tactics adopted by the EU. It accuses EU of\n\u201chypocrisy\u201d by insisting on binding level playing field conditions which are\nyet to be determined. According to The<\/em> Sunday Times<\/em>, for Mr.\nJohnson, \u201cThe prospect of fractious few months of negotiation, with seasoned EU\nobservers warning that it could all end in tears in the second half of the\nyear, is far from ideal.\u201d <\/p>\n\n\n\n This prospect of UK and EU engaging in bitter\nnegotiations tooth and nail, may lead one to believe that Brexit is yet to be\ndone. There is a general perception in the UK that the Government can achieve\nmore in a short time in \u201clevelling up\u201d the economy than decades of regional\npolicy in the past were ever able to do. Mr. Johnson cannot afford to\nbelie such expectations. He has to walk his talk of \u201castonishing moment of\nhope,\u201d and that the \u201cdoubters, the doomsters and gloomsters\u201d will be proved\nwrong.<\/p>\n\n\n\n The UK\u2019s exit from European Union presents a\npotential upside for India. Brexit will make London to seek a more robust trade\nrelationship with New Delhi. Britain and India have been so far unable to reach\na free trade agreement, with negotiations having become mired in the convoluted\nfinancial politics of the 28-nation EU bloc. There are about 800 Indian-owned\ncompanies in UK employing about 110,000 people. The UK is the third largest\nsource of Foreign Direct Investment in India and India\u2019s largest G20 investor. <\/p>\n","protected":false},"excerpt":{"rendered":" In a development that will have far-reaching implications for Europe in particular and the world in general, Britain formally exited the European Union at 11 P.M. on January 31, 2020, following the European Parliament approving the terms for the UK\u2019s departure from the Union on January 30, 2020. There were 621 votes for and 49 against […]<\/p>\n","protected":false},"author":1,"featured_media":205,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/www.competitionreview.in\/blogs\/wp-json\/wp\/v2\/posts\/207"}],"collection":[{"href":"https:\/\/www.competitionreview.in\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.competitionreview.in\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.competitionreview.in\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.competitionreview.in\/blogs\/wp-json\/wp\/v2\/comments?post=207"}],"version-history":[{"count":1,"href":"https:\/\/www.competitionreview.in\/blogs\/wp-json\/wp\/v2\/posts\/207\/revisions"}],"predecessor-version":[{"id":208,"href":"https:\/\/www.competitionreview.in\/blogs\/wp-json\/wp\/v2\/posts\/207\/revisions\/208"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.competitionreview.in\/blogs\/wp-json\/wp\/v2\/media\/205"}],"wp:attachment":[{"href":"https:\/\/www.competitionreview.in\/blogs\/wp-json\/wp\/v2\/media?parent=207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.competitionreview.in\/blogs\/wp-json\/wp\/v2\/categories?post=207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.competitionreview.in\/blogs\/wp-json\/wp\/v2\/tags?post=207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}