Macedonia to join NATO

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Macedonia to Join NATO:

  • Macedonia has signed accession papers with NATO
  • The signing of accession papers allows Macedonia to take part in NATO ministerial meetings as an invitee.
  • To acquire full membership, all 29 current members must ratify the accession protocol.
  • The conflict over the name with Greece had become a damper in its membership to NATO.
  • With the conflict with Greece taken to logical end with the conclusion of Prespa Agreement, Macedonia has signed accession papers with NATO.

Russia Raises Concerns

  • Russia has raised concerns against Macedonia becoming part of NATO. Russia has accused NATO of destabilising the Balkans by pushing Macedonia and Montenegro to join NATO.
  • Russia sees Balkan nations as its sphere of influence and is against NATO or any other body led by US or EU making inroads to these Balkan countries. NATO’s membership provides a guarantee of mutual defence, provides a welcome insurance policy against possible incursions.
  • Russia perceives this as an attempt by the west to contain it by making inroads to the areas which Russia considers its sphere of influence.

Dispute between Macedonia and Greece

  • The use of the name “Macedonia” was disputed between the European countries of Greece and the Republic of Macedonia, formerly a state within Yugoslavia. 
  • After the declaration of independence of Macedonia from erstwhile Yugoslavia, the country named it as the Republic of Macedonia.
  • The dispute was mainly due to the ambiguity in nomenclature between the Republic of Macedonia, the adjacent Greek region of Macedonia and the ancient Greek kingdom of Macedonia.
  • Greece opposed the use of the name “Macedonia” by the Republic of Macedonia without a geographical qualifier such as “Northern Macedonia.
  • Greece accused the Republic of Macedonia of appropriating symbols and figures that are historically considered part of Greek culture such as the Vergina Sun and Alexander the Great, and of promoting the irredentist concept of a United Macedonia, which involves territorial claims on Greece, Bulgaria, Albania and Serbia.
  • Due to the conflict over the name, Greece vetoed Macedonia’s attempt to join Nato in 2008 and even blocked its EU membership ambitions.
  • The opposition of Greece was so fierce that the United Nations was forced to refer Macedonia as “the former Yugoslav Republic of Macedonia”.

Prespa Agreement with Greece

  • After a lot of negotiations, an agreement was reached between Greek prime minister Alexis Tsipras and his Macedonian counterpart Zoran Zaev.
  • The agreement is famously referred to as the Prespa Agreement.
  • As per the agreement the Republic of Macedonia would be renamed as the Republic of North Macedonia.
  • The language of the country would be referred to as Macedonian and its people known as Macedonians (citizens of the Republic of North Macedonia).
  • The Parliament of Macedonia has passed the resolution to amend the constitution of the country to rename it as the Republic of Northern Macedonia.
  • The opposition parties had boycotted the vote and the proposal narrowly got the two-thirds majority vote required for the constitutional amendment.

Venezuela Political Crisis

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What’s the crisis?

  • Both Juan Guaidó and Nicolás Maduro have debatable claims to legitimacy.
  • European Union, Australia, US, New Zealand have recognised Juan Guaidó, the opposition leader as the president.
  • Juan Guaidó, the opposition leader, has said that President Nicolás Maduro is illegitimate and has asserted himself as Venezuela’s interim president.

How did the Presidential Crisis begin?

  • On 23rd January the leader of the legislature, Juan Guaidó, declared himself acting president and said he would assume the powers of the executive branch from there onwards.
  • This was a challenge to President Nicolás Maduro, who had been sworn into a second six-year term in office just two weeks previously.
  • President Maduro condemned this as a ploy by the US to oust him.
  • Nicolás Maduro was first elected as President with a thin margin of 1.6 percentage votes in April 2013 after the death of his predecessor, Hugo Chávez.
  • Nicolás Maduro was re-elected to the office of president for a second six-year term in highly controversial elections in May 2018, which most opposition parties boycotted.
  • After being re-elected Nicolás Maduro announced that he would serve out his remaining first term and only then be sworn in for a second term.
  • The National Assembly leader Juan Guaidó argues that because the election was not fair Articles 233 and 333 of Venezuela’s constitution empower the head of the National Assembly takes over as acting president under such circumstances.
  • Juan Guaidó has staked the claim to be the acting president, as he was the head of the legislature.

Intermediate-Range Nuclear Forces (INF) treaty suspended

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With the formal announcement by the United States about the withdrawal from the INF treaty, Russia has followed the suit and declared the suspension of the treaty.

 

Intermediate-Range Nuclear Forces (INF) treaty

  • It was crucial Cold War-era treaty banning development, testing and possession of short and medium range ground-launched nuclear missiles with range of 500-5,000 km.
  • The treaty was signed in December 1987 between then US President Ronald Reagan and his USSR counterpart Mikhail Gorbachev.
  • The treaty banned all nuclear and conventional missiles, as well as their launchers, with ranges of 500–1,000 km or (short-range) and 1,000–5,500 km (intermediate-range).
  • This treaty was central to ending arms race between two superpowers during cold war and protected America’s NATO allies in Europe from Soviet missile attacks.
  • It was designed to provide measure of some strategic stability on continent of Europe.

How the INF treaty aided in Diffusing Tensions?

  • Due to the limited range, short flight times and unpredictable flight patterns, It was difficult to detect the short and medium ranges missiles.
  • As a result, there was a threat of nuclear war in Europe which is sandwiched between Russia and US.
  • The missiles were designed chiefly to fight a theatre nuclear war in Europe. It exacerbated crisis instability and increased the chances of an accidental nuclear war.
  • Hence the destruction of these missiles under the provisions of the INF treaty was highly beneficial towards enhancing both regional and global security.

Reasons of US withdrawal

  • US President Trump has alleged that Russia has violated treaty and has been violating it for many years.
  • This violation comes after Russia’s alleged development and deployment of Novator 9M729 missile (also known as SSC-8), that could strike Europe at short notice.
  • Accusations of Russia violating this treaty pre-dates Trump presidency and go back to 2008 during President Obama administration.
  • Under former President Barack Obama raised issue of Russia testing ground-launched cruise missile with Russian President Vladimir Putin in 2014.
  • But Russia had denied allegations and raised counter-allegations of the US installing missile defence systems in Europe.
  • While two countries failed to find resolution using dispute resolution mechanism in treaty, US continued to remain party to treaty under pressure from its European allies.

Implications

  • Both Russia and US would indulge in the development of these short and medium ranges missiles.
  • There could be an arms race with EU joining the race as a third entity.
  • Since these missiles are mobile, hard to detect, nuclear-capable and can reach European cities, they have hardly any warning time at all so they reduce the threshold for any potential use of nuclear weapons in a conflict. This would lead to instability and trust deficit.

History of INF Treaty:

  • The deployment of IRBMs in Europe first became an arms-control issue in the late 1970s, when the Soviet Union began replacing its older single-warhead SS-4 and SS-5 IRBMs with newer and more accurate SS-20s, which could deliver three nuclear warheads apiece from a distance of 5,000 km. Mounted on mobile launchers based in the European part of the Soviet Union, the SS-20s could strike targets anywhere in western Europe in less than 10 minutes.
  • One should note that under pressure from its western European allies in the North Atlantic Treaty Organization (NATO), the United States in 1979 committed itself to deploying two intermediate-range weapons systems of its own in western Europe: the Pershing II and the Tomahawk cruise missile. Mounted on mobile launchers, the Pershing II was an IRBM that could carry a single nuclear warhead a distance of about 2,000 km and strike within the vicinity of Moscow in less than 10 minutes.
  • It is important to point out that the INF Treaty called for the progressive dismantling, over three years, of 2,619 missiles, about half of which were deployed at the time of signing. About two-thirds of the missiles affected were Soviet, and the rest were American.
  • Further, each country was allowed to keep intact the warheads and guidance systems of the destroyed missiles. Also destroyed were missile launchers and various kinds of support equipment and structures.
  • Teams of observers from both countries were given access to certain operating bases, support facilities, and elimination facilities in order to verify the withdrawal and destruction of the missile systems.

Yellow Vests Protests

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The protestors are referred to as Yellow Vests because they don the “Gilets Jaunes” (yellow vests), which the French drivers are required to carry in their cars. It is a leaderless movement which no reported structure or leadership to the movement.

 

Why are they protesting?

Though there is no consensus on the French media about why the yellow vests are protesting. Some report that the protesters are primarily angry about what they see as President Emmanuel Macron’s apparent indifference toward tough conditions for working people and for others the movement is evidence of a middle-class backlash. The increase of the taxes on the fuel provided an opportunity for the anger to outburst.

France Go Green Policy

The tax imposed by the government of France was in line with the pro-Green agenda espoused by Macron’s government. The government of France had already pledged to ban all gasoline-fueled cars by 2040.

Is this an anti-green movement?

US President Trump has linked the protests in France with Paris Climate deal. He said the protests are due to France’s commitment to the expensive and ridiculous Paris Climate deal. But the movement has avoided any explicit anti-Green stance and the Fuel taxes in France are not the highest in Europe and are actually lower than Germany.

The workers feel they are squeezed by the government as only 20 per cent of the tax actually goes toward supporting the country’s transition to cleaner energy.

The protestors see government as too technocratic and favouring the rich, ignoring the plight of the worker and the middle class. The rallying cry also includes an immediate increase in the minimum wage and pension benefits.

France U-turn on Tax Hike

The government of France has bowed down to the pressure and has suspended the proposed tax hike for six months. The government has even announced an immediate freeze on gas and electricity price.

The announcements have failed to satisfy the protestor’s anger. They have vowed to continue their protest campaign dismissing the steps taken by the government as insufficient.

Asia Reassurance Initiative Act

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US president has signed the ‘Asia Reassurance Initiative Act’. The law aims at countering the encroaching influence and growing threat from China, and to reinvigorate U.S. leadership in Asia.

Features of the Act

The important features of the act are:

  • The act aims to establish a multifaceted U.S. strategy to increase U.S. security, economic interests, and values in the Indo-Pacific region.
  • The act authorises the spending of $1.5 billion over a five-year period to enhance cooperation with America’s strategic regional allies in the region.
  • Citing China’s illegal construction and militarization of artificial features in the South China Sea and coercive economic practices, the new law calls for countering China’s influence to undermine the international system.
  • The act notes that increased presence throughout Southeast Asia of the Islamic State and other international terrorist organizations threaten the United States.
  • The act recognizes the vital role of the strategic partnership between the United States and India in promoting peace and security in the Indo-Pacific region and calls for strengthening and broadening of diplomatic, economic, and security ties between the United States and India.
  • The act calls on the U.S. Secretary of State, in conjunction with the Secretary of the Treasury, to justify the termination of U.S. support for any United Nations Security Council resolutions sanctioning North Korea or the lifting of any unilateral U.S. sanctions on North Korea.
  • The act reasserts US support to Taiwan and calls on President Trump to encourage the travel of high-level United States officials to Taiwan, in accordance with the Taiwan Travel Ac

Significance for India

The act reiterates US commitment to all bilateral and security agreements and arrangements between the two countries, including the New Framework for the United States-India Defense Relationship, and the United States-India Defense Technology and Trade Initiative.

Noting that designation of India as a major defence partner, which is unique to India the law states that the designation elevates defence trade and technology cooperation between the United States and India to a level commensurate with the closest allies and partners of the United States.

US lending rates hike

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  • The US Federal Reserve has raised the key interest rates to a range of 2.25 per cent to 2.5 per cent.
  • This is the 4th raise in the Federal Reserve’s rates this year and has reached the highest point since 2008.
  • The main implication of the raising of the interest rates would be an increase in the borrowing costs for individuals and businesses.
  • The Fed has been raising the interest rates gradually as the US economy continues to strengthen.
  • The Fed began tightening of the credit about three years ago and the current hike is the Fed’s ninth hike since then.

 

Current Position of the US Economy:

  • Presently, the US economy is showing strength.
  • The unemployment rate has gone down to 3.7 per cent which is a 49-year low.
  • Consumers are spending freely which is the main engine of the economy.
  • The economy has grown by about 3 per cent this year, which is the best growth rate of the US economy in more than a decade.
  • But there are a set of challenges that the US economy is facing which includes Donald Trump’s protectionism and Trade war, slowing down of China’s economy, and Brexit.
  •  It is feared that the US economy might slow down in 2019 as the benefits of the stimulus fade away.
  • The rise in US interest rates has started weakening the loan-sensitive sectors of the economy such as housing, autos.
  • Additionally, the Fed has been gradually decreasing Treasury and mortgage bonds which is going to put more upward pressure on the borrowing rates for consumers and businesses.

 

US withdrawal from Intermediate-Range Nuclear Forces (INF) treaty

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United States (US) President Donald Trump has announced that US will unilaterally pull out of three-decade-old Intermediate-Range Nuclear Forces (INF) treaty signed with Russia during Cold War.

 

Intermediate-Range Nuclear Forces (INF) treaty

  • It was crucial Cold War-era treaty banning development, testing and possession of short and medium range ground-launched nuclear missiles with range of 500-5,000 km.
  • The treaty was signed in December 1987 between then US President Ronald Reagan and his USSR counterpart Mikhail Gorbachev.
  • The treaty banned all nuclear and conventional missiles, as well as their launchers, with ranges of 500–1,000 km or (short-range) and 1,000–5,500 km (intermediate-range).
  • This treaty was central to ending arms race between two superpowers during cold war and protected America’s NATO allies in Europe from Soviet missile attacks.
  • It was designed to provide measure of some strategic stability on continent of Europe.

 

Reasons of US withdrawal

  • US President Trump has alleged that Russia has violated treaty and has been violating it for many years.
  • This violation comes after Russia’s alleged development and deployment of Novator 9M729 missile (also known as SSC-8), that could strike Europe at short notice.
  • Accusations of Russia violating this treaty pre-dates Trump presidency and go back to 2008 during President Obama administration.
  • Under former President Barack Obama raised issue of Russia testing ground-launched cruise missile with Russian President Vladimir Putin in 2014.
  • But Russia had denied allegations and raised counter-allegations of the US installing missile defence systems in Europe.
  • While two countries failed to find resolution using dispute resolution mechanism in treaty, US continued to remain party to treaty under pressure from its European allies.

 

Implications

  • The unilateral withdrawal from this treaty will allow US new nuclear weapon options in Pacific in its efforts to counter China’s growing influence.
  • There are also concerns that unilateral termination of this treaty could mark beginning of new arms race between US and Russia.

 

Venezuela : Hyperinflation

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Context

  • Hyperinflation, power cuts, and food and medicine shortages are driving millions of Venezuelans out of the country. The country is facing the worst inflations.

 

Concerns

  • The biggest problem facing Venezuelans in their day-to-day lives is hyperinflation.
  • $1 US = 248,000 Venezuelan Bolivars, at the official exchange rate
  • Prices have been doubling every 26 days on average. This has resulted in many Venezuelans struggling to afford basic items such as food and toiletries.
  • With small items like a cup of coffee costing a whopping 2.5m bolivars

 

Major Cause

  • Venezuela is rich in oil, and has the largest proven reserves in the world. But it’s this exact wealth that underpins many of its economic problems.
  • Its oil revenues account for about 95% of its export earnings.
  • Venezuela’s economy depends mostly on oil. That was great when a barrel of oil was worth $100 a barrel in 2013 and 2014. Now oil prices have fallen to as low as $28.36 — the lowest point in 12 years. As long as oil prices stay historically low, Venezuela will struggle to grow.
  • Because it has so much oil, Venezuela has never bothered to produce much else. It sells oil to other countries, and with the dollars it earns, imports the goods Venezuelans want and need from abroad.
  • But when the oil price plummeted in 2014, Venezuela was faced with a shortfall of foreign currency.
  • This in turn made it difficult to import goods at the same level as before, and imported items became scarcer.
  • The result: businesses increased prices and inflation rose.

 

Other Causes for Inflation

  • According to Transparency International, Venezuela is the ninth most corrupt country in the world.
  • Members of Maduro’s family and immediate support have been implicated in drug smuggling and hundreds of billions of dollars are believed to have been syphoned out of the economy.
  • It is the government’s willingness to print extra money and regularly hike the minimum wage in an effort to regain popularity with Venezuela’s poor,
  • Years of excessive government spending on welfare programs, poorly managed facilities and dilapidated farms set the stage for the crisis.
  • The government is also increasingly struggling to get credit after it defaulted on some of its government bonds.
  • With creditors less likely to take the risk of investing in Venezuela, the government has again taken to printing more money, further undermining its value and stoking inflation.

ias4sure.com - Venezuela Hyperinflation

Rohingya Refugees

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Who are the Rohingya?

  • Rohinyas are ethnic minorities in Myanmar. They follow Muslim Religion.
  • Few years ago, religious and ethnic tensions between the Rohingya Muslims and the Rakhine Buddhists (who make up the majority of the population in Mayanmar) escalated into widespread, deadly rioting. Hundreds of thousands were forced to flee. Since then, ongoing violent attacks have forced even more people to leave their homes.
  • The Myanmar Government says that Rohingya people are not Burmese citizens – but the Rohingya have been living in Myanmar for generations. Today, they are a people with no home or citizenship.
  • Rohingya people are being widely abused and exploited. They are one of the most persecuted minorities in the world.

 Rohingyas deportation issue:

  • Minister of State for Home Affairs  had told parliament that the central government had directed state authorities to identify and deport illegal immigrants, including Rohingyas, who face persecution in the Buddhist-majority Myanmar.
  • The international organisations opine, while India is not a party to the 1951 Refugee Convention or its 1967 Protocol, it is still bound by customary international law not to forcibly return any refugee to a place where they face a serious risk of persecution or threats to their life or freedom

What necessitates this move?

The Home Ministry had said that infiltration of (Rohingyas) from the Rakhine state of Myanmar into Indian territory, especially in recent years, besides being a burden on the limited resources of the country, also aggravates security challenges posed to India.

UN principles of non-refoulment:

UN principles of non-refoulment applies in this case. According to these principles, no nation shall expel or return a refugee in any manner to territories where his life or freedom would be threatened on account of his race, religion, nationality, membership of a particular social group or political opinion.

NHRC Observation regarding the deportation issue:

  • Refugees are no doubt foreign nationals but they are human beings.
  • Fear of Persecution: Before taking a big step, the Government of India has to look into every aspect of the situation, keeping in focus the fact that the members of the Rohingya community, who have crossed into India and are residing here for long, have a fear of persecution once they are pushed back to their native country.
  • Highlighted the Supreme Court’s decisions: the Right to Life and Personal Liberty under Article 21 of the Constitution apply to all, irrespective of their citizenship.

What needs to happen?

The Myanmar Government should immediately end the violent crackdown on the Rohingya and amend or repeal the 1982 Burma Citizenship Law to provide the Rohingya people with full citizenship in the country.

Bangladesh and other governments in Southeast Asia must ensure those fleeing violence and seeking protection, are granted access. Guaranteeing they will not be pushed back or arbitrarily detained and instead that all their rights will be respected.

Why India refused to join Bali Declaration of World Parliamentary Forum?

  • In Bali Declaration there was a reference to violence in Rakhine State
  • As per India, the declaration adopted at the conclusion of the Forum, was not in line with the agreed global principles of ‘sustainable development’
  • India reiterated its stance that the purpose of convening the Parliamentary forum was to arrive at mutual consensus for implementation of SDGs (Sustainable Development Goals) which requires inclusive and broad-based development processes
  • India said, “Never before ‘country-specific’ issues have been included in the declaration as these dilute the objective of these Forums which require unity and focused efforts of all the countries,”.

China as a mediator between Bangladesh and Myanmar:

China has announced that Bangladesh and Myanmar have accepted its mediatory role and agreed to implement three-phased solution proposed by China which is:

  • First stage: Myanmar should impose ceasefire and stop persecuted Rohingyas from fleeing into Bangladesh.
  • Second stage: Bangladesh and Myanmar should strengthen exchanges and find solution on basis of equality.
  • Third stage: International community to help develop the backward Rakhine state and poverty alleviation of Rohingyas in Myanmar.

How India is handling the issue?

  • India has been receiving Rohingya refugees and allowing them to settle in the different parts of the country over the years, especially after the communal violence in the state of Rakhine in 2012.
  • However, India considers the refugee crisis as an internal affair of Myanmar.
  • Indian believes that ASEAN has an undeniable responsibility to resolve this crisis.
  • India does not want a conflict of interests with the new regime in Myanmar-Myanmar has a key role in India’s Look East Policy.
  • Since India is not a signatory to the United Nations Convention on Refugees, refugee status granted by the United Nations High Commissioner for Refugees (UNHCR) to the Rohingya was irrelevant to their deportation.
  • According to the Government of India, there are no refugee camps established for either Bangladeshis or Rohingyas in India and there were only schemes of assistance for Tibetan and Sri Lankan refugees.

 

Source:

http://www.thehindu.com/news/national/nhrc-issues-notice-on-rohingyas/article19519828.ece

UK referendum – Brexit

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What is Brexit?

  • An unofficial word given to the exit of Britain from EU. A referendum to leave European Union(EU) was held in which UK has decided to leave EU.
  • The process of leaving has a time limit, which ends on March 29, 2019. The UK has to negotiate with the European Commission.

Britain = England+Scotland+Wales

UK = Britain + Northern Islands

Is this the first such referendum?

  • No, this is the second referendum on Britains relationship with the European project.
  • In 1975, in a referendum on whether the U.K. should stay or leave the European Community (Common Market) Area, the country voted for staying in with a resounding 67.2 per cent vote.

What is referendum?

A referendum (in some countries synonymous with a plebiscite or a vote on a ballot question) is a direct vote in which an entire electorate is asked to vote on a particular proposal. This may result in the adoption of a new law.

What is EU?

  • The European Union is a Customs Union which has no tariffs on trade moving from one country to another within the EU.
  • There are tariffs on goods from outside unless a Free Trade Agreement (FTA) has been signed (the EU and India have been negotiating on an FTA for years).
  • There is also a single market, which means professional people can work anywhere within the EU no matter where they were trained.
  • Health and safety rules are standardised.

Why demand for Brexit?

  • People who are disadvantaged and feel left behind after the Britain collaboration with EU
  • Trade and immigration policies on EU terms does not help many in Britain
  • Limited trade and commerce: UK’s relation have remained limited within EU group and have been unable to progress on bilateral agreements with China, India etc.
  • Multiplier -ve effect of Greece crisis to UK’s economy: Refugee absorption has resulted in stress on natural resources utilization of developed economies like UK

Its possible impacts:

  • It will hurt Britain’s export competitiveness
  • Markets access to Europe will be hard to negotiate and Britain would have to adhere to quality and product regulation of EU, in the context of China, Chinese products, due to their quality and price have more penetration in markets like EU
  • London trade market, where trade in euro transactions are more, it would place London in a weaker position being outside of EU
  • London where more people in banking, finance and insurance are from outside the country would reduce because then they will no longer be able to take their pension rights and other conveniences that a single labour market provides
  • Seceding from EU, Britain would appear weak in its military prowess and its diplomatic relations, UK will remain member of NATO

What can be the possible impact on India?

Positive Impact:

  • Access to UK market : With the exit, Britain will have full control over its economic policy and thus will act as a facilitator for Indias easier access to its market
  • Investments : Britain on a lookout for partner countries after the exit, would find India a bright spot in the slowing world economy.
  • Possibility of Bilateral Free Trade Agreement : The EU- India FTA is stuck for years and with the Brexit a possibility of entering into Bilateral FTA with the country will open up
  • Relaxation from the strict quality standards that EU currently imposes which has resulted in bans on Indian products like mangoes in the past in the Union.
  • Indian labour : Britains industry and economic growth has benefitted from the large number of immigrants it receives due to EU refugee policy. Once the exit happens, the country will face labour shortage which could be filled by Indian labour market.

Negative Impact:

  • Short term effect : Global currency volatility will affect Indian rupee as well hampering Indias trade
  • Immigration controls : UK might implement immigration controls affecting large number of Indian diaspora in the country
  • Would become tough for India to balance the relations between the EU and Britain
  • EU countries will start imposing tariffs on British products, making it far less attractive for Indian businesses like Tata Motors to have a manufacturing base in the U.K

Process of Exit:

  • The British Parliament has rejected the Brexit deal proposed by the Prime Minister Theresa May.
  • The conservative objectors who were supporters of Brexit have also voted against the deal due to the “backstop” provisions.
  • As per the Backstop provisions, Britain would leave the EU in March 2019, single market in December 2020, but stay in the customs union for longer.
  • The Backstop provisions would keep trade rules between the world’s fifth-biggest economy and its largest export market almost unchanged for a transition period running to the end of 2020.
  • The conservatives fear that these provisions would keep the UK too closely bound by EU regulations.

What’s next?

The UK has now three options to choose from since UK is bound to leave EU by March. The options are:

  • UK can now reach to EU to further modify the agreement. But this doesn’t seem likely because EU leaders have made it clear that it was the best compromise available.
  • The other option is to exit without any deal. This would be a doomsday scenario which would trigger a massive recession in Britain and markedly slow the European Union’s economic growth. This doomsday scenario would become inevitable if British parliament votes against the deal
  • There could be another referendum on Brexit in Britain. Demands for another referendum is also gaining momentum since the previous one favoured the Brexit with a narrow 52 to 48 per cent