By- Avantika Banerjee !!
The literal meaning of Brexite is exit of Britain from the European Union. The European Union which was formed in1993 is an Economic and political partnership involving 28 European Countries .The concept of European Union was promoted to avoid war, and increase in trade and partnership among the European Nations. EU also promotes the concept of ‘Single Market’ which means people and goods among these nations can be exchanged without any special permission or paying of Taxes neither VISA is required from going one nation to another in EU. No work permit is required to trade and reside for official purpose among the nations of European Union.
The current controversy is that UK wants to exit from EU because EU charges billions of pounds as membership fees with little in return. There is too much scope of Red tape (too much documentation in official work of EU).Law making power of England is guided by the EU. Admission of immigrants in EU paves the way for entry of refugees in England forcefully.
The Impact of Exit of Britain from the EU can be against the interest of India because the absence of UK in the European Union might have an adverse effect as UK has always safeguarded India’s Interest in the European Union.UK had assented for the Free Trade Agreement between EU and India.UK is the desired starting destination of all the companies who further want to trade in the EU because of convenience of language in UK and cultural ties between the nations. Long term benefit for India as after the breaking of ties from EU, UK will expand in the Asian Markets.
Currently, it is hard to predict whether UK will exit from the EU or note as there is no ‘Concrete Progress’ on this subject both sides have lack of trust financial and citizenship subject matter yet unresolved.
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