Leaving European Union will provide an opportunity for Britain to have free trade in every part of the world. Being a part of the European Union, it had to conduct non-free trade with countries that are a part of it. However, there are no economic benefits that would accrue to Britain if it decides to leave the European Union.
What will happen to Britain?
Leaving the European Union would imply weaker trade relations between the UK and the US. UK won’t be able to get entry into the US market and henceforth would have to comply with all the demands of the US which would imply so much loss for the UK. The UK would become just like a US state except that it won’t have any voting rights, unlike any US state. So, the US could make very harsh demands on the US including maintaining environmental standards and labor. Therefore it would be more advantageous for the UK to stay in the European Union than to move out of it. Losing trade relations with the US could mean a lot to Britain.
Anglosphere nations don’t hold much scope for Britain
If Britain decides to focus on relationships with the Anglosphere nations, then not so many prospects are there. In the event of getting out of the European Union, Britain would strengthen trade relations with the Anglosphere which are Canada, Australia, USA and NewZealand and the former colonies of this country. The former colonies include Nigeria and India. Britain will become dependent on these countries. There is not much hope in improving trade relations with countries called Anglosphere.
Australia wants to become better partners with ASEAN group countries! Hence no scope for Britain here also
Britain won’t be able to strengthen it’s trade relations with Australia because Australia is working on developing economic partnerships with countries such as India, China, Japan, South Korea, and New Zealand. There are also some 10 countries in the ASEAN group and Australia is looking forward to having better relations with them. These member countries are Thailand, Indonesia, Malaysia, Singapore, Philippines, Vietnam, Brunei, Cambodia, Laos, and Myanmar.
India has it’s own conditions for trade! So Britain can’t depend on India also
However, the UK could strengthen trade relations with India. But India has it’s own stringent conditions which include the decision to reintroduce post-study visas which have been scrapped by the UK. So, if the UK is unable to bring these visas again, it would have a positive effect on trade. But, the UK won’t listen to this demand because Brexit only happened because this country wanted to curb immigration.
Another reason due to which trade cant be improved between US and UK is because India and the EU are on good trading terms. India wants to have good relations with the EU and won’t risk it for better relations with the UK. Moreover, India won’t reduce the high tariffs imposed on scotch whiskey. These tariffs are a major barrier to improving trade relations between the UK and India. After going out of the EU, Britain would make way for India improving trade relations with the EU.
If Britain has hopes of improving relations with Africa, there is not much scope to it because China already has captured markets there.
So, moving out of Brexit is not such a practical option for Britain.