Skip to main content

From Breakdown to Breakthrough: Let’s Talk About Brexit


European Union leaders and the United Kingdom have agreed a draft Brexit deal after furious negotiations and frequently acrimonious discussions that would take the UK out of the EU. Although both the UK and the EU are signaling victory, this is definitely not a done deal yet as they still need the approval of the British lawmakers and European parliaments. Moreover, British MPs had turned down Brexit deal reached by Johnson's predecessor, Theresa May, three times.
The deal is very similar to May’s rejected withdrawal agreement. The main change is that the controversial Irish "backstop" contained in her previous Withdrawal Agreement is scrapped. Elements of the new deal crossed red lines that previous British leaders ruled out. British authorities will have to carry out custom checks in the Irish sea for goods moving inside their own country, as Northern Ireland would remain aligned with most EU regulations and trade rules. But the EU has compromised, too, and made significant concessions. Every four years, a quorum of Northern Ireland lawmakers would vote on whether they wanted to continue to be so closely aligned with the European union, offering a voice to the range of communities there.
 The revised withdrawal agreement keeps its existing provisions ,which would only come into force if the deal is ratified ,on sorting out the UK's financial obligations to the EU, and one protecting citizens' rights — those of EU nationals living in the UK and Britons in the EU .There have also been changes to the political declaration which sets out plans for the long-term relationship based on Free Trade agreement between the UK and the EU. But Only after Brexit can the EU and the UK start discussing the details of their new relationship. There will be more clarity on the new relationship between the EU and the UK only once this phase of the negotiations has been completed.

Comments

Popular posts from this blog

Stagflation: A Threat to India

India is entering into the stage of stagflation, just 2 years ago it was expanding at 8% and emerging as a major global player, the situation has come down to this. With higher prices of food, The new citizenship act, and the central bank's target, India is meeting its slowest development in a decade. The inflation in December 2019 increased to 7.35 percent which was the highest since July 2014, which is past the RBI limit of 6%. But what led to this situation? We have had demonetization in 2016, the implementation of GST followed by many other policies but what led to this?  Let's look at some facts. The consumption of volatile oil makes up about 60% of gross domestic product which puts off all the investment plans. Economic growth in the fiscal year through March 31 is set to slow to an estimated 5%. Teresa John, an economist at Nirmal Bang Equities Pvt in Mumbai, quoted “The recovery is likely to be very gradual and a stagflation scenario is likely. ” The government has...

Changing Environment For Local Business In Sri Lanka; Government Initiates The Revolution

Local industries and businesses are the backbone of the economy of any country. Additionally, Sri Lankan Government defines a local company as one with a minimum ownership of 51% of a Sri Lankan. To help these companies grow, the Sri Lankan Finance Ministry has proclaimed a circular enlisting the priorities to the local companies. Moreover, this move from the government may bring some salient alterations in the condition of the local manufacturers. The government has also come with up steps that will augment the local industries across the different domains. These domains include IT sector, construction, etc. The circular, as issued by the government includes relevant documentation regarding sourcing of resources and products. Additionally, sources point towards the fact that the government is hoping to extend support to the domestic sector and help them grow. Besides, the major focus is on the three sectors- IT software and hardware, construction and furniture and allied products. Pos...

Significance of the “Developed Country” Tag for India

By Xeena Mehta The officials of the United States Trade Representative (USTR) uphold a list of countries that categorises countries as “developing”, “developed”, and “least-developed”. Countries that are classified as “developing” have permissions to export certain goods to the U.S. without being hit by heavy legal tariffs that are bind to be imposed on goods from “developed” countries. The “developing country” tag was originated by U.S. Trade Act of 1974, to aid poor countries develop faster. World Trade Organization also acceded to grant trade benefits to countries that were classified as poor. If noticed we can see that about two-thirds of countries that are members of the WTO classify themselves as “developing” countries and avail fore deals. Any such classification of whether a country is “developing” or not is entirely objective. While the economic progress achieved by India and China have achieved over the last few decades is seen as a valid reason to get rid of their s...