fredag 31. januar 2020

Post-Brexit Britain free to pursue global vision, strike trade deals with the world, and usher in golden era with China

At  2300 GMT on January 31, Britain becomes the first country ever to leave the 28-nation European Union. This heralds a transition period for Britain and the EU, during which their future relationship will be negotiated, particularly in trade.

Prime Minister Boris Johnson says these negotiations must conclude by December 31, meaning a no-deal Brexit if they are not, with Britain leaving on “most favoured nation” terms under World Trade Organisation rules. These are the same rules under which Britain currently operates much of its global trade, including with China, Russia and the United States, and is an acceptable default position.

By leaving the EU, Britain regains its sovereignty, with its government accountable only to parliament. It will make its own laws and control its money. Its judges will no longer be subordinate to the European Court of Justice, and British law will enjoy primacy over EU law. Britain will stop paying the EU annual membership fee of £19 billion (US$25 billion), be able to control its borders, have its own agricultural and fishing policies, and forge its own alliances.