Brexit: The economic and political implications for Asia

Abstract

Often trumpeted as a bastion of modern economic and political integration, the European Union (EU) has played an integral role in the development of the United Kingdom's (UK) economy. However, in recent times, the relationship between the EU and the UK has become increasingly fragile, particularly on issues of national sovereignty, immigration, and the general bureaucratic reach of Brussels. Tension surrounding these concerns meant that on 23 June 2016, the British public voted, by way of a referendum, to leave the EU. This decision, often referred to as Brexit, has created a watershed moment in the history of the region, with implications that may have a significant impact on not only Europe, but also Asia and the wider global community. In order to make better sense of the issue, this study provides a brief synopsis of Britain's decision to leave the EU, before providing a detailed analysis of how the Brexit decision will impact the Asian region. As part of this discussion, a series of relevant policy issues are considered.