Introduction : The article discuss about the quick finalisation of FTA and exploring possibilities in Commonwealth by India after Brexit.
- European Union and the Britain are likely to be weak in the near term so India must immediately signal strong solidarity with the both.
- The Brexit may make India’s security environment a lot more uncertain than it was before. Hence, strengthening strategic partnerships with Britain and Europe must be central to any new Indian effort to shape the Eurasian balance of power.
- For India, Britain and Europe are among its most important partners. Finding ways to rejuvenate the economic and political ties to both should now be at the top of India’s diplomatic agenda.
- Many British leaders demanding separation from Europe had argued that the loss from the severance of the European market can be easily made up by Britain’s independent economic engagement with the rest of the world, including India.
- Although President Barack Obama had publicly cautioned Britain against leaving the European Union, but still there is considerable support in America.
- Beijing, which has made major inroads into Britain over the last few years and was celebrating the prospect of a “golden decade” in the bilateral relationship, is well poised to become an even stronger partner to London in the coming years.
- New Delhi, which has much goodwill among the Brexiteers, must make its move sooner than later.
- On the economic front, India must signal readiness to negotiate a quick free trade agreement with Britain.
- Although India can in no way substitute for Europe or match the size of American or Chinese resources, it can offer a measure of economic comfort at this difficult juncture.
- India must match economic reassurance with a political exploration of the possibilities for strengthening the Commonwealth as a political institution.
- As a club of globally dispersed states from the South Pacific to the Caribbean and the Southern Africa to the Middle East and Southeast Asia, the Commonwealth was for long ripe for Indian leadership.
- Reviving the Commonwealth at this moment might be lot more demanding than it would have been a few years ago, but it is never too late.
- The first step is to initiate a high-level consultation among key members of the Commonwealth including Britain, Canada, Australia and India.
- The growing populist pressures, hostility towards the European bureaucracy in Brussels, anger against the power of international terrorist groups to target cities with impunity, and the growing resistance to movement of refugees from the South has put great strain on the European political leadership.
- Making matters worse is the European inability to either confront an increasingly assertive Russia or find much needed political accommodation.
Question: The whole world will soon feel the long-term implications of the British vote to leave the European Union for economic globalisation and international security. In the era of high level globalisation, how this vote will impact India. Discuss.
- The economic ties of India with Britain and EU.
- Negative impact on Indian Economy
- Positives for India.
- The political and economic way ahead.