Business issues in the contemporary world

BUSINESS ISSUES IN THE
CONTEMPORARY WORLD

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Brief history of European Union.................................................................................................3
Challenges facing the UK as a member of the European Union.................................................5
Impact of Brexit on the UK and other member nations’ economy..............................................6
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Brexit term generally indicates “British Exit”. Basically, Brexit was situation when the
government of the United Kingdom taken decision to exit from the European Union (EU).
Government of UK was taken this decision for the purpose of doing free trade without following
different law, regulations and standards of EU. When this country exit from union, then the top-
level management of EU was not happy with this decision. However, the nation completely exit
from European Union in June, 2016 (GIACOMINI, 2017). This Brexit decision of local
government has affected country’s various internal and external factors in both manners,
positively and negatively. This report discusses key aspects of Brexit, like; brief history of
European union, influence of Brexit on the UK and other member nations’ economy, challenges
and difficulties facing the country as a member of the European union, etc. Trade services is the
chosen category for describing these all factors of Brexit.
MAIN BODY
Brief history of European Union
European Union (EU) is a global organisation comprising total 27 countries of Europe
continent. As of 1950, European Steel & Coal Community begins for uniting European nations
politically and economically in the terms of secure and protect lasting peace. In the beginning of
EU, there was six countries of Europe come together for formulating this Union, and these all six
countries are; France, Belgium, Italy, Netherlands, Luxembourg and Germany (Kara, Karimov,
and Nguyen, 2020). In the cold war time period, these all six countries was decided to help each
other for reducing their casualties in that war. This is the basic history of European Union.
Time period of 1960 to 1969 was the period of economic growth for this union.
Basically, this time period helped to all member countries of EU for highly growing their
economic conditions at the international level. Between 1960 to 1969, all member countries of
union stop charging duties of custom while trading with each other. These member countries
helped each other in the food production as well, and that’s why EU was gained surplus in the
agriculture production. On that time, the administration of union was taken decision for selling
its food products at the intranational level to gain huge foreign exchange.