INDUSTRY INSIGHTS
THE FUTURE OF TRADE
As economic and political nuances shift across the globe, Samir Alam scrutinises what the
future holds for India’s trade relations with the United Kingdom (UK) and the European
Union (EU).
Only halfway into 2019, the global landscape of
political and trade relations has begun to heat
up. Everything from the US-China trade war to
the Venezuelan uprising has garnered headlines
around the world. Despite these many tensions,
the business world has kept a close eye on the
fate of the United Kingdom and the European
Union as Brexit comes to pass. March 29, 2019
was marked on everyone’s calendars as the
date when Article 50 would come to a close and
Britain would officially part ways with the EU.
However, there was equal relief and alarm as
British Prime Minister Theresa May ended up hat
in hand in front of the European Council, pleading
an extension. And while the new date of October
31 has given businesses some more time to plan,
it has also led to May’s downfall. After facing
numerous votes of no-confidence, Theresa May
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I APPAREL I
June 2019
ended up resigning towards the end of May,
leaving the Conservative Party scrambling for new
leadership. Given these circumstances, the state
of the British economy, and its future, remains
dubious at best. But at the same time, it opens
up new possibilities for a nation such as India,
which is well on its way to becoming a global
economic superpower.
THE BREXIT IMPACT SO FAR
The harsh reality for Britain is that while its
original decision to leave the EU marked a major
victory for Conservative politics, it also rang a
death knell for Britain’s economic future. And
years after that decision, the inability of the ruling
government to even formulate a plan of exit has
great implications on nations trading with the UK.
Globally, the impact of Brexit has already begun