Uncertainty plagues U.K. talks with EU over Brexit
- To avoid the disturbances in her own party factions and domestic political arena , Prime Minister Theresa May rejected terms of a deal being negotiated with EU and which was close to be reached on agreement stage.
- The main issue which resulted in sudden turn in Brexit talks was time length of a temporary custom union that would act as a tool to prevent a hard border( with stringent rules and trade barriers) between Northern Ireland and the Republic of Ireland once Britain leaves the EU.
Brexit - “British Exit” from the European Union (EU). A referendum was held on June 23, 2016, to decide whether Britain should exit or remain in the European Union and the result supported Brexit. Currently Britain and EU are negotiating the terms of exit.
EU European Union is a political, trade and economic union founded in 1957. There are 51 countries in Europe, out of which 28 countries have signed a treaty to become a part of European Union.
The Euro Area (EA) is a subset of the EU, which is a monetary union of 19 of the 28 countries which use the common currency, Euro.
The Treaty of Lisbon is an international agreement that amends the two treaties which form the constitutional basis of the European Union. The Treaty of Lisbon was signed by the EU member states on 13 December 2007, and entered into force on 1 December 2009.