Question

Officially, the UK is due to leave the EU on 31 October 2019. How the UK and the world could cope with it in business?

Answer 1

When UK leaves the EU, then UK will also be treated as any other country outside of the EU and it will negatively affect the business interests of the US, its trade ties with the nations that are the members of the EU. To cope with it, UK, has been already planning carefully after the decision on BREXIT few years back. In this regard, the US has developed its trade ties with the other nations such as USA, Canada, Australia, China and India. These trade relations are the expansion of already existing bilateral agreements and it will somehow compensate for the loss of business with the EU. Further, Universities in UK were getting students from the EU and it will also be negatively impacted. In this regard, the UK based universities are developing tie ups with the Universities in Asian countries or other developed countries so that they maintain their global outlook and appeal. In response to it, many developing and developed nations have also approached UK to identify the trade opportunities in the country of UK so that they can develop trade relations. Earlier, these opportunities were very limited due to EU member countries. So, new relations have been developed and new opportunities are identified in the wake of BREXIT.