After Brexit: Implications for India

Event Report

Brookings India hosted a private roundtable discussion on After Brexit: Implications for India featuring Patrick French, Swapan Dasgupta, and Anne Marshal. The discussion was moderated by Dhruva Jaishankar, Fellow for Foreign Policy at Brookings India. The panel discussed some of the possible long-term outcomes for the United Kingdom, its relationship with the European Union, and the future of the EU itself, as well as the implications of all these developments for India.

The unexpected result of the referendum on the United Kingdom’s withdrawal from the European Union has raised many questions, not just for the UK and EU, but also for the rest of the world. U.K’s decision to leave the European Union resulted in significant turbulence in global financial markets, sharp devaluation of the sterling, the resignation of Prime Minister David Cameron, and the prospect of the disintegration of the United Kingdom. Anti-establishment and anti-immigration sentiments among the British polity seemed to be the main drivers of the Brexit vote. The ‘Leave’ vote was therefore considered a vote against globalisation and the tremendous changes in the job market and ethnic landscape that globalisation has generated over the years. Whatever the reasons, an important transnational consequence of Brexit could be a spur in the rise of nativist, semi-fascist movements across other European countries.

As for India, Brexit might be a good opportunity for India to negotiate a bilateral Free Trade Agreement with the U.K on relatively favourable terms. Historically, India has been suspicious of the European Union owing to the perception that the EU attempts to impose its rules and regulations on the parties it deals with, and the complexity of the EU system. Therefore, Brexit might be an opportune moment for India to make diplomatic moves towards a bilateral FTA. However it is important to remember that a weak EU, without the U.K., is not necessarily in the interests of India since EU is the world’s largest aid donor and contributes substantially to peace and stability in India’s neighbourhood and elsewhere.

Sara Perlangeli, a Research Intern at Brooking India, contributed to this report. Like other products of the Brookings Institution India Center, this report is intended to contribute to discussion and stimulate debate on important issues. The views are of the discussant(s), contributor(s) or author(s). Brookings India does not have any institutional views.

Event Announcement

Brookings India is hosting a discussion on After Brexit: Implications for India. The unexpected result of the referendum on the United Kingdom’s withdrawal from the European Union has raised many questions, not just for the UK and EU, but also for the rest of the world. The prospect of a ‘Brexit’ has already resulted in turbulence in global financial markets, the sharp devaluation of the sterling, the resignation of Prime Minister David Cameron, and the prospect of the disintegration of the United Kingdom. The panel will discuss some of the possible long-term outcomes for the United Kingdom, its relationship with the European Union, and the future of the EU itself, as well as the implications of all these developments for India.

Panel

Patrick French
Author and Historian

Swapan Dasgupta
Member, Rajya Sabha

Anne Marchal
First Counsellor, Delegation of the European Union to India

Moderator
Dhruva Jaishankar
Fellow, Foreign Policy, Brookings India