The British Commonwealth of Nations is an intergovernmental organisation that mostly comprises of former British territories. Once Britain formally leaves the European Union, its importance is bound to increase for Britain once again. But will the world value Empire 2.0?
Nearly one-third of the world’s population lives in 53 countries of the Commonwealth. Its purpose is to work for the democracy, stability, security and prosperity in member countries. Commonwealth members are found to have done more business with each other, than in other groups to which they belong. The Commonwealth countries share 8%-9% of its exports with the UK itself and an overall 44% with the European Union.
Now that the UK will be out of the European Union, the need for a Commonwealth can be considered. This is the first time in the last 20 years that the UK is hosting a conference of the Commonwealth Nations heads.
Experts are debating whether the Commonwealth will meet Britain’s expectations. However, its member communities do not seem enthused. Many countries associate Britain’s colonial past with the current regime. Countries which previously faced slavery and large-scale exploitation are hesitant to work with the UK again.
Commonwealth member countries have the freedom to trade freely among themselves, and the countries take advantage of each other’s resources. So financially, this does not seem like a bad deal. Many people believe that if the role of emerging economies increases, then this group can achieve value for themselves. Partnership with fast-growing economies like India, Australia, New Zealand and Canada can make the Commonwealth successful.
India has been given a special significance at this meeting. The Queen sent the invitation for the Indian Prime Minister to join the meeting herself. Not only this, but Narendra Modi is also the only leader with whom Britain’s Prime Minister Theresa May has had a bilateral dialogue. Many experts also believe that if the Commonwealth is to be filled with energy, then countries like India will have a decisive role.
Traditionally, the queen of Britain leads the Commonwealth, and now that she is 92-years-old, there is also talk of her successor. The problem of the Commonwealth is that, in the past seven decades, it did not get as much importance in the international business world.
At present, India looks restless to increase its role at the international level, and it is possible that Britain’s initiative will help it do so. However, it will be difficult for many countries to cope with India’s growing role, and Pakistan can be the biggest example of this.
The Commonwealth countries have a similiar administration methods and all speak English. For these reasons, business is easy for them.
Although these countries have links to the European Union and other business groups themselves, this could pose a problem for them after Brexit. There are many countries of the Commonwealth like Mauritius, Saint Lucia, Botswana, etc. who do business with the EU through the UK. London acts as a gate for them, but now, things stand to change.
Brexit will also have an impact on Indian companies. Many changes will take place after Britain’s exit from the European Union. The relationships of other countries with the European Union will also change due to Brexit. Britain has tried to negotiate directly with India, but India and other countries have said that they should outline their relationship with the EU first before the countries have formal sit-down talks.
For the success of the Commonwealth, there needs to be a great improvement. The world’s attention will go towards the Commonwealth when it comes out with a comprehensive reform of its new agenda. Experts believe that the needs of this time are different and according to them, organizations will have to make changes. India and other emerging economies can, therefore, give the Commonwealth a new direction.
How Expensive Will The Brexit Be?
Both sides have time until March 2019 to finalize Britain’s EU-related conditions. The future of three million Europeans living in Britain lies hanging until then. However, inital reports state that Brexit is going to be a costly affair for the
- Foregin workers will be driven out from various EU countries: In the UK’s National Health Service (NHS), 62,000 people work in EU countries. Most foreigners have begun to leave already.
- A lot of veterinarians will move out: 90% of veterinarians working in the UK come from 27 countries of the European Union. Unfortunately, they too, would have to leave.
- Loss of skilled workers: So far, skilled workers from different countries of the European Union have worked in UK farms. About 65% of the employees came from the EU. But due to breakage, these employees will not be available anymore.
- Food and beverage will become more expensive: Many European products will be expensive in the UK as soon as the breakage is implemented. Dairy products, fruits, vegetables, processed food and wine will also be expensive if going out of the single tax market.
- Loss of billions of pounds: The British economy is set to lose billions of pounds. The UK is now exploring new markets, but in countries like India, China, and South Africa, good realtions with the EU already exist which would pose as a big problem.
While the future does look uncertain, all we can really do, is wait and watch.