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 European Union.......................................................4
Impact of Brexit on the UK and other member nations’ economy..............................................6
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Brexit was situation when government of the United Kingdom taken decision to exit from
European Union (EU). Government of UK was taken this decision for purpose of doing free
trade without following different law, regulations and standards of EU. When this country exits
from union, then top-level management of EU was not happy with this decision. However,
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 country as a member of European union, etc. Trade services is
chosen category for describing these all factors of Brexit.
MAIN BODY
Brief history of European Union
Establishment
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 order to secure and protect lasting peace. In 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 cold war time period, these all six countries were decided to help each
other for reducing their casualties in that war. This is the basic history of European Union.
Growth time period
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 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 food production as well, and that’s why EU was gained surplus in the agriculture