Impact of Brexit transitional period on regional stability, development
UK withdraw from the union.
Third, Brexit negotiations during the transition period show that the international relations and governance can be adversely affected against the backdrop of post-Cold War globalisation, changes in technology, trade and investment, digital and technological gaps, widening wealth gap, and tremendous changes in world economy. Therefore, all parties including the EU have been strengthening their adaptation to those “new normal”. In an international governance environment, however, where human society is still mainly based on the sovereign state perfect examples. Also, Britain, Northern Ireland and the Republic of Ireland have always been committed to maintaining traditional connections and cooperation.
Brexit is a rare example of a major adjustment in globalisation, and the uncertainty it brings is extensive. The new relationship between the UK and EU as well as the UK and the Republic of Ireland will inevitably bring both opportunities and challenges to SinoEU, Sino-UK relations when it comes to cooperation in the fields of economic growth, trade and investment.
Due to the uncertainty of Brexit and relevant rules, Chinese enterprises and business community have actively adjusted themselves to the new “situation”, and it is truly hoped that all parties in Europe can continue to resolve the issue among themselves through dialogue and consultation, maintain regional peace and stability, and continue to strengthen communication and pragmatic cooperation with emerging economies.
China and Europe have enjoyed long partnership in investment and trade, and the bilateral relations have generally developed well despite Brexit and pandemics. According to China Customs statistics, the EU maintained the position of China’s largest trading partner last year, with trade volume reaching 4.86 trillion yuan ($687 billion), an increase of eight per cent. The leaders of the two sides have both emphasised the significance of strengthening solidarity, safeguarding multilateralism, supporting the leading role of the World Health Organisation in the global multilateral anti-pandemic efforts, and jointly responding to the pandemic challenge.
Sino-UK and Sino-Ireland have boasted stable bilateral relations. In the first 10 months of last year, SinoUK trade in goods reached $71.14 billion, an increase of nearly eight per cent year-on-year. The cumulative Renminbi (RMB) clearing volume of London exceeded 40 trillion yuan, making the metropolis the secondlargest offshore RMB clearing centre and the largest RMB offshore foreign exchange trading centre in the world. Also, the third-party market cooperation agreement has opened up new channels for Sino-UK Belt and Road Initiative cooperation. The two-way investment between China and the Republic of Ireland has reached $2 billion, and the total annual trade volume has hit nearly $15 billion.
To sum up, in spite of Brexit, which has brought new challenges both in and outside of EU, the UK and EU are both so far coming closer to emerging economies. China and the EU are strengthening joint responses to new issues raised by the current situation. The opportunities for the development of bilateral relations still outweigh the challenges.
Yet how the transition period of Brexit plays out is still being closely watched, with many countries in Asia hoping will move smoothly. The Chinese government actively promotes cooperation with the EU, the UK and the Republic of Ireland, share antipandemic methods to resolve difficulties, restore economic exchanges and mutual learning under the guidance of building a community of shared future for mankind.
All sides have obvious common interests for the continuous European stability and prosperity. As long as all parties concerned work together to build an international relationship of mutual respect, fairness and justice, and win-win cooperation, the brighter prospects are surely there in store.