Britain clinches Brexit deal with EU

3 min read

News:A revised Brexit deal has been agreed by the UK Prime Minister and European Union(EU).

Facts:

What is the revised Brexit deal?

  • Under the deal,the whole of the UK will leave the EU but Northern Ireland will stay in the EU’s single market for goods.
  • The deal also says that EU citizens who are now living in Britain and UK citizens who are living or working in EU countries won’t lose their rights to live and work in those areas. 
  • The deal also says that both EU and UK will work towards a Free Trade Agreement(FTA) and a high-level meeting will be convened in June 2020 to take stock of progress towards this goal.

Additional information:

About Brexit:

  • Brexit is a term used to define United Kingdom coming out of European Union(EU).During a referendum in 2016,UK voted by a narrow margin in favour of Brexit.
  • Article 50 of the Treaty of Lisbon gives any European Union(EU) member state the right to quit unilaterally and outlines the procedure for doing so.
  • The treaty gives the leaving country two years to negotiate an exit deal.

European Union:

  • The European Union is an international organization made up of 28 European countries.It governs common economic,social and security policies of its member states.
  • It operates an internal (or single) market which allows free movement of goods, capital, services and people between member states.
  • The 19 EU countries use EURO as their official currency.But nine EU members namely Bulgaria, Croatia, Czech Republic, Denmark, Hungary, Poland, Romania, Sweden and the United Kingdom do not use the euro.