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UK votes to leave EU; Global Markets in chaos; Guyana to enjoy unchanged EPA agreement for two years

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The UK has voted by 52% to 48% to leave the European Union after 43 years in an historic referendum, a BBC forecast suggests.

 

London and Scotland voted strongly to stay in the EU but the remain vote has been undermined by poor results in the north of England.

 

Voters in Wales and the English shires have backed Brexit in large numbers.

 

The pound fell to its lowest level against the dollar since 1985 as the markets reacted to the results.

 

According to Business Insider following this result, global financial markets are in complete chaos with some of the most stunning moves you’ll ever see taking place.

 

Headlining the proceedings is a mind-blowing drop in the British pound, which is down over 9% against the US dollar to around $1.34, a 31-year low.

 

During a recent meeting with the Private Sector Commission (PSC), Minister James Duddridge MP, Parliamentary Under-Secretary of State of Britain’s Foreign and Commonwealth Office disclosed that if Britain discontinues its membership with the European Union, countries will still be able to enjoy benefits under the Economic Partnership Agreement for two years.

 

“On the question of the future of the Economic Partnership Agreement if Britain discontinued its membership of the European Union, Minister Duddridge assured the Executives that current arrangements would continue unchanged for at least two years” a statement from the PSC said on June, 03, 2016.

 

EPAs are trade and development agreements between regional groups of ACP (American, Caribbean and Pacific) countries and the EU covering trade in goods and services, investment, trade related issues like innovation and intellectual property as well as links to development cooperation. The EPA was signed in October 2008 by 14 CARIFORUM countries, including Guyana, and the 27 EU member states and the European Community.

 

Britain, the United States, and Canada were the destinations for about two-thirds of Guyana’s officially recorded exports.

 

Britain would be the first country to leave the EU since its formation – but a leave vote will not immediately mean Britain ceases to be a member of the 28-nation bloc.

 

That process could take a minimum of two years, with Leave campaigners suggesting during the referendum campaign that it should not be completed until 2020 – the date of the next scheduled general election.

 

The prime minister will have to decide when to trigger Article 50 of the Lisbon Treaty, which would give the UK two years to negotiate its withdrawal.

 

Once Article 50 has been triggered a country cannot rejoin without the consent of all member states.

 

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