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Brexit not to render globalization obsolete

Britain's decision to leave the European Union (EU) – the world's largest single market – will not render globalization obsolete.

British Prime Minister Theresa May on Wednesday told the EU her country wants to leave the 28-member bloc, triggering the start of a two-year process for the two sides to negotiate the terms of the exit.

In a referendum on whether Britain should leave or remain in the EU held in June 2016, people in favor of Brexit won by 51.9 percent to 48.1 percent.

Respecting the will of the people, London had to trigger Brexit, but the process itself cannot deny the existence and significance of the EU.

Therefore, London still eyes a "special and strategic" partnership with the bloc after Brexit and it has to minimize the negative effects Brexit could bring.

In fact, Brexit itself is a symbol of the retrogression of the European integration and will inevitably hinder the process of globalization. But that does not mean either the integration or globalization is a wrong direction.

Few would deny the benefits and conveniences we enjoy in a globalized world, especially in economy and trade. Within the EU, the free movement of people, capital and goods has enriched the economies of its member states, including Britain.

In 2016, Britain's economy increased by 2.3 percent, growing at the second-fastest rate among the G7 economies, according to a Financial Times report.

Just like every coin has two sides, globalization has its negative effects too. Free trade usually impacts underdeveloped economies or less competitive sectors of a country, while migration has reshaped local societies and cultures.

However, those problems, which call for better and fairer global governance, are never reasons for isolationism and protectionism.

Now that Britain has decided to withdraw from the EU to protect it from the negative impacts brought by a united community, the former empire on which the sun never set definitely knows what it can gain from communication and cooperation with other countries.

As the world economy is gradually recovering from recession, it is extremely important for the international community to continue to promote globalization and regional economic integration. It is hoped that a post-Brexit Britain will be committed to that.

[Source: By Xinhua Writer Chen Shilei, Xinhua, Beijing, 29Mar17]

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small logoThis document has been published on 30Mar17 by the Equipo Nizkor and Derechos Human Rights. In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.