Impact on Singapore after Britain exit European Union

Why was EU created?
After the Second World War there was a new movement to create unity between Germany and France, which would ultimately lay the foundations for the European Union (EU) four decades later.

When was the EU formed?

The EU can trace its origins from the European Coal and Steel Community (ECSC) and the European Economic Community (EEC), formed in 1951 and 1958 respectively by the Inner Six countries of Belgium, France, West Germany, Italy, Luxembourg and the Netherlands.

The European Union is an economic and political union of 28 countries which formed the world’s largest trading bloc .
Each of the countries within the Union are independent but they agree to trade under the agreements made between the nations.
The European Union operates a single market which allows free movement of goods, capital, services and people between member states.
As of January 2014 the population of the EU was about 507.4 million people.

Twenty two of the member states also belong to the Schengen Area, which is comprised of 26 European countries that have abolished passport and border controls at their common borders. Of the countries that are not part of it, Bulgaria, Croatia, Cyprus and Romania all intend to join, while the United Kingdom and Ireland have opted out.

Impact on Singapore
Singapore may have only a marginal impact in the immediate term, as its non-oil domestic exports to Britain account for less than 1 per cent of total shipments, while imports from Britain constitute about 2 per cent of Singapore’s total imports.

Although some company in Singapore may benefit due to the weakened sterling for imported goods from UK.
Others may suffers if British companies here start to pull back on investment in manufacturing.

Britain exit may take around 2 years until October 2018 at the earliest to complete the exit process, till then, Britain is still bound by certain EU rules on tax, such as aspects of value-added tax and customs duties.

What happen if more countries exit EU? Is this going to benefit Britain more?
Many things will happen in another 2 years time, but for sure, Britain will survive strong.

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