Parties Involved in Brexit Negotiations and Its Effects on UK and EU

Brexit - British Exit
Parties involved in Brexit Negotiations
In Brexit negotiations, there were two parties involved, the Great Britain party and the
European Union party. The UK started its negotiation in 2016, with a team led by David Davis,
who is the secretary of state for exiting the European Union. Oliver Robbins would later head the
UK talks. On the other hand, the European Union party has Michel Barnier who is a chief
negotiator and EU diplomacy. The stakeholder of BREXIT are simply the people living in the
current UK; in other words, the country itself.
Effects of Brexit to EU
Brexit would signify economic losses for all the Member States involved. However, the
UK would be, by far, the most affected. Another important factor would be that all Member
States would have to contribute more to the EU budget, within the international trade
perspective, this could mean losses since some partners are connected to the EU through the
UK’s net of trade.
EU would lose an important economic partner in the context of the worldwide market of
the global economy. It could be faced with a loss of ‘power’ within international politics and
would be affected in terms of global trade partnerships.
Brexit would convey a difference in patterns of migration, where EU rich countries
would have easier access to the UK than other EU countries.
How BREXIT have affected the United Kingdom
In case the UK would exit and still manage to obtain a Free Trade Agreement with the
EU, it could signify that the country would have an estimated loss of 2.2% GDP, however, if it
does not reach an FTA it can have losses of 6.3% to 9.5% of GDP (Allen et al., 2015)>