Are BREXIT matters to Malaysia?

It’s official – Britain votes to leave the EU. London, Scotland, and Northern Ireland stood clearly in the Remain camp, while the rest of England and Wales, Italy, France, Holland and Denmark could follow in the lead of Brexit. Britain officially divorce from the EU on Jan 31 after nearly half a century of membership.

What’s Brexit?

A portmanteau of “British” or “Britain” and “exit”. A referendum was held to decide whether Britain should remain or leave the European Union. Nearly everyone of voting age can take part.

What is the European Union (EU)?

The EU is an economic and political partnership involving 28 European countries, enforced after World War II, sparked by a desire to prevent member countries from going to war with each other. Member states function as if they are one country – hence the introduction of the euro currency (used by 19 out of the 28 members). The EU also has its own parliament.

How will this affect Malaysia?

“This will affect not only UK-Malaysia but also relations between Asean and Europe in business, trade, investment and tourism. When people are uncertain, they won’t make business decision easily. They will wait for the uncertainty to blow over until the situation has stabilised.” – Tan Sri Ramon Navaratnam, Former Finance Ministry deputy secretary-general.

UK leaves the EU and charts a new course for its country, it is presented with “a great opportunity” to reach out and forge even stronger ties with its longstanding partners such as Malaysia. We want to do more with Malaysia and there is so much more we can achieve together across a spectrum of areas including trade, education, science and technology, defence, security, tackling climate change just to name a few. – British High Commissioner to Malaysia Charles Hay

Barjoyai said, Brexit will impact the global economy — in terms of trade barriers, immigration, as well as the general financial and fiscal aspects. It will be advantageous for Malaysia if Brexit is called off, as the deal will affect the UK’s economy negatively.

Quick Info

Conclusion

Brexit can bring many benefits to our country, this will provide more opportunities for non-EU citizens, including Malaysians to find jobs in the UK. It is expected that more companies will explore the Southeast Asian and Malaysian markets as one of the most attractive trading and investment destinations. With the arrival of various UK companies to Malaysia, corporate firms in Malaysia will benefit greatly.

The short-term impact of Brexit, the UK will be a favourable destination for our students. Malaysians do have the tendency to invest in the UK as private and government-owned companies are seen to be investing in properties, particularly in London.

Brexit matters to Malaysia because Asean matters to Malaysia. The Malaysian aspiration to be the hub of Asean will be throttled if Asean does not take off. The trade revolution may well happen soon, who knows?

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References

https://poskod.my/cheat-sheets/need-know-brexit/
https://www.sinarharian.com.my/article/53355/KOLUMNIS/Brexit-dan-Malaysia
https://www.thestar.com.my/news/nation/2020/01/31/post-brexit-uk-to-further-boost-ties-with-malaysia-says-envoy
https://www.theedgemarkets.com/article/my-say-why-brexit-matters-so-much-malaysia
https://themalaysianreserve.com/2019/04/01/delayed-brexit-to-have-little-impact-on-malaysia/amp/