New Delhi: The Brexit or Britain’s exit from the European Union is undoubtedly one of the most significant turns in European history. Britain, on Saturday, will go for a historic vote where it will be decided whether Britain will stay with the European Union or opt for an exit from it.
British Prime Minister David Cameron, along with his allies which included the former Prime Minister, made a loud and emphatic appeal to the people of Britain to vote against rejecting Britain’s exit from the European Union. If Britain opts to vote out of the EU, then Boris Johnson would be the candidate likely to become the next Prime Minister of the United Kingdom.
India is seeking a free trade agreement with the 28-nation European Union, and if Britain opts for an exit, it will have a huge economic impact for India, forcing the country to revaluate and reinforce trade agreements within the union. With $8.8 billion in exports and $5.19 billion in imports, Britain ranks 12th in term of bilateral trade and is one of the seven countries with which India has a trade surplus.
The European Union, which was founded post-World War II, has been one of the most cohesive force behind economic dependence in the European countries. The decision of Brexit – the EU warns – is an irreversible decision. Despite the United Kingdom’s erratic relation with the European Union, Prime Minister David Cameron says that the union promotes cohesive relationship between the European countries so that issues related to economy, climate change, and others could be dealt in unison.
Brexit or Britain’s exit may also lead to dramatic fallout of other countries opting out of the European Union. India has over 800 MNC companies in the United Kingdom.