The panic of 2008 and brexit regional integration versus nationalism. Case Study

Brexit Regional Integration
Name
Institutional Affiliation
Brexit Regional Integration
The British exit meant the United Kingdom was withdrawing its membership from the European Union by March 29th after its first application in 1961(Shakhnazarova, 2020). It is a substantial political and significant economic moment as they voted in support or opposition to the reasons for self-governance. As discussed by Shakhnazarova (2020), the U. K did not want to hand their country’s resources to an outer body that limits them with its rules and regulations. This essay seeks to understand some of the challenges of the Brexit vote and what it means for existing trade agreements.
Significance of Brexit
The significance of this event lies with Britain’s retention of its enormous financial contribution to the organization. Brexit vote advocates for democracy as a large sum of Britain’s finances help other countries with the most benefit to the European Union. A majority are against Brexit with the belief that only a Unified Europe can properly promote commerce and peace. Others believe that leaving the EU would encourage nationalism in Britain, which does not receive positive reviews as it affects policies and alliances in place.
The planned relocation of significant businesses resulted due to the uncertainty of the political and economic stability. In the list is Airbus, which has more than 10,000 employees supporting a large number of other jobs (Shakhnazarova,2020). The UK government projected a 4% to 9% smaller economy would leave the European Union (Mueller, 2020). A new free trade agreement will be in use as other aspects of the United Kingdom – European Union relationship such as aviation standards and safety, the licensing and regulation of medicine and access to fishing grounds. The rest of the withdrawal agreement will mostly be unchanged from the one Ms. May negotiated, including the rights of EU and British citizens residing in the member states. Also, a clause on how much the United Kingdom is to pay the European Council. Donald Trump, then a presidential candidate, even declared the UK “better off without the EU.”
Implications of Brexit
Canada has potential political implications due to the Brexit vote as the UK is the second most efficient European country supplying goods and services to Canada. It is also the most important source of European foreign direct investment. Many developing countries link up their economies to powerful countries to ensure acceleration in their development. The union mobilizes member states funds to build infrastructure and factories through Foreign Direct Investment (FDI). Canada would lose these benefits with the collapse of the trade relationship with the United Kingdom (Bernini, Du, 2016). Prime Minister Justin Trudeau proposed maintaining a sort of “seamless transition” from the EU to a specific trade agreement between Canada and the United Kingdom requiring international deal with many legislative reforms (Farah et al., 2016). However, the limited time on the UK’s stat...