Brexit

Definition

Brexit is the process by which the United Kingdom (UK) left the European Union (EU), effective from January 31, 2020. It reflects changes in trade, legal systems, and financial regulations between the UK and EU member countries.

Related terms

European Union (EU):

A political and economic union of 27 European countries that participate in an internal single market allowing free movement of goods, services, capital, and labor.

Single Market:

An integrated market across multiple countries where goods, services, capital, and people move freely as within a single country.

Trade Agreement: A contractual arrangement between countries that determines how they conduct trade with each other, including tariffs, import quotas, and product standards