December 17, 2017

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United Kingdom to withdraw from EU today

United Kingdom is taking first step to break up with the European Union, which has been in place for 44 years.

British Prime Minister TERRISEAMI will officially inform Breveit in the EU in accordance with Article 50 of the Lisbon Treaty, British media sources including the BBC reported on Tuesday. It was only nine months since the EU decided to withdraw from the referendum last month in favor of 51.9% in the referendum.

Article 50 of the Lisbon Treaty stipulates withdrawal from the EU member states, and the two sides will negotiate a two-year withdrawal if they notify the withdrawal in accordance with this provision. The EU will draft a negotiating guideline within 48 hours of receipt of the withdrawal notice, and the leaders of 27 member countries will meet on 29th next month to confirm the guideline.

This is a minefield everywhere. Both sides are expected to face a “divorce settlement” amounting to 60 billion euros (about 73 trillion won) from the beginning of the negotiations. The divorce settlement money is the money that the British should pay out of the EU, including the contribution to the EU member states.

“I do not want to withdraw from the EU in such a big amount,” said May.

The EU says it will not proceed with negotiations on free trade agreements such as the Free Trade Agreement (FTA) between Britain and the EU unless the UK gives the money.

Britain is also a BREC sheet and it is also withdrawing from the EU single market and the customs union, and if it does not enter into an FTA with the EU, the goods and services will be tariffed and the EU export will be hit. Strong tug of war is expected to continue over immigration control in Britain and the free trade agreement between the UK and EU.