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New Delhi, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> does not 'rush' into any Free Trade Agreement (<keyword id="20000557" type="General" weightage="20" keywordseo="fta" source="keywords">FTA</keyword>) if the pact is not equitable, balanced, and fair for the country, Commerce and Industry Minister <keyword id="19895367" type="General" weightage="20" keywordseo="piyush-goyal" source="keywords">Piyush Goyal</keyword> on Friday said. He said that the ground realities in India have changed now and the offers made by partner countries in these agreements are "not at all" comparable to what India is offering to the world. <br /><br /> At present, negotiations for FTAs with the UK, Oman, and the four-nation European Free Trade Association (EFTA) are nearing conclusion. <br /><br /> EFTA members are Iceland, Liechtenstein, Norway, and Switzerland. <br /><br /> The minister also said that India should never rush for trade negotiations as they are going to impact the country for years and years to come. <br /><br /> "We enter into negotiations with our eyes wide open, we do extensive stakeholder negotiations...we do a lot of inter-ministerial consultations. We crystal gaze into the future and see that India offers the best business opportunities. <br /><br /> "Sometimes trade negotiations take time because the other sides take time to understand what really is happening in India, how the India story is panning out, how new India is emerging. And some people also live in a colonial mindset of the past, so it takes us some more time to get them to understand that ground realities have changed. <br /><br /> What is on the offer on their side is not at all comparable to what we are offering to the world and therefore unless it is a very equitable, balanced, and fair trade agreement, India does not rush into trade agreements anymore," he said. <br /><br /> <keyword id="19895372" type="General" weightage="20" keywordseo="goyal" source="keywords">Goyal</keyword> said this at the Raisina Dialogue 2024 here. He was replying to a question about why trade negotiations with the UK and the EU (<keyword id="19895384" type="General" weightage="20" keywordseo="european-union" source="keywords">European Union</keyword>) are proving more complicated. <br /><br /> He added that some free trade agreements signed by the previous government have issues as adequate due diligence was not followed. <br /><br /> In some cases, a little bit of rush to enter into an FTA was also there earlier, he said. <br /><br /> India and the UK launched the talks for an FTA in January 2022 with a view to boost economic ties between the two nations. <br /><br /> There are 26 chapters in the agreement, which include goods, services, investments, and intellectual property rights. <br /><br /> The bilateral trade between India and the UK increased to USD 20.36 billion in 2022-23 from USD 17.5 billion in 2021-22. <br /><br /> The seventh round of India-European Union talks is underway here. In June 2022, India and the EU restarted the negotiations for the long-pending trade and investment agreement after a gap of over eight years.

India does not rush into trade agreements if it is not fair, balanced, equitable: Goyal

New Delhi, India has a strong foreign exchange reserve and the country is in a comfortable position to meet all the requirements even in any worst-case scenario in the next five-six years, Commerce and industry Minister <keyword id="6355222" type="General" weightage="20" keywordseo="piyush-goyal" source="Orion">Piyush Goyal</keyword> said on Wednesday. India's forex kitty jumped USD 3.553 billion to USD 599.529 billion for the week ended May 12, according to the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword>. <br /><br /> The minister also said that the government efforts have helped in managing inflation and "I am happy that it has been respected and recognised by the <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> (as) they have also taken a pause on the interest rates during the last MPC (Monetary Policy Committee) meeting". <br /><br /> On <keyword id="138463" type="General" weightage="20" keywordseo="forex-reserves" source="Orion">forex reserves</keyword>, he said: "We have strong foreign exchange reserves... In the worst case with whatever difficulty anybody may have, India is comfortable for the next 5 or 6 years, given our forex reserves today, to be able to meet our forex requirements." <br /><br /> The minister was speaking at the annual session of industry body CII here. <br /><br /> He added that no other developing country in the world is in such a "sweet spot" and it was the first time in many years that business persons are seeing interest rates almost at par with developed countries. <br /><br /> "I believe this is a compelling case for investments, for growth and for expanding our international outreach, for bringing technology, for bringing innovation into the country," he said, suggesting the industry should focus on quality, innovation and skilled manpower. <br /><br /> Further he said that India's trading partners want India to fast track negotiations for free trade agreements (FTAs). <br /><br /> India is at present negotiating such agreements with nations including Canada, EFTA (<keyword id="601271" type="General" weightage="50" keywordseo="european-free-trade-association" source="Orion">European Free Trade Association</keyword>), the UK, and the European Union (EU). <br /><br /> "It shows the increased importance of India in the global order. FTAs are two way traffic... I feel very sad when I am being told sometimes that I (industry) want access to the EU market, but please do not allow them to come into our market. <br /><br /> "Those days are gone, this is a new India, this is an India which engages with the world from a position of strength and with full confidence". <br /><br /> On exports, the minister exuded confidence to achieve USD 2 trillion worth of goods and services exports by 2030. <br /><br /> He suggested the industry expand markets with an open mind, and engage with the world. <br /><br /> "Look at our import basket, the basket largely gets affected by oil, which will have its own trajectory, possibly a lowering trajectory or a downward trend in the years to come. Our export basket has all the things that the world wants," he said adding the industry should move forward.

India's forex reserves are at a comfortable position says Piyush Goyal

<ul class="summary-list"><li>Macron suggested opening a new "European political community" that would include <keyword id="6355333" type="UNKNOWN" weightage="60" keywordseo="brexit" source="Orion">Brexit</keyword> Britain and <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>.</li><li>It would be "a new space for political cooperation" and freedom of movement, the French president said.</li></ul><p>French President <keyword id="12153499" type="UNKNOWN" weightage="60" keywordseo="emmanuel-macron" source="Orion">Emmanuel Macron</keyword> suggested it could take "decades" for Ukraine to join the European Union and suggested integrating it into an outer "European political community" that would also include post-Brexit Britain.</p><p>Macron — whose opposition to Brexit has caused a sometimes tense relationship with UK Prime Minister <keyword id="11911533" type="UNKNOWN" weightage="60" keywordseo="boris-johnson" source="Orion">Boris Johnson</keyword> — said the group would also be open to other countries hoping to join the EU.</p><p>Ukraine applied to join the EU in early March, shortly after Russia's invasion, but member states <a href="https://www.businessinsider.com/zelenskyy-says-eu-do-more-after-refused-fast-check-membership-2022-3">opposed speeding up</a> its application process.</p><p dir="ltr">In a keynote speech to the European Parliament in Strasbourg on Monday, Macron said it was the European Union's "historic obligation …  to create what I would describe before you today as a European political community."</p><p dir="ltr">This would allow "democratic European nations … to find a new space for political cooperation, security, cooperation in energy, transport, investment, infrastructure, the movement of people."</p><p dir="ltr">The EU could not be the continent's only bloc, he said.</p><p dir="ltr">"The United Kingdom decided to leave our European Union but it can have a place in this political community," he said, noting that others such as Bosnia-Herzegovina could also sign up. </p><p dir="ltr">It would also be a better solution for Ukraine, he said, adding that it should not expect a swift accession to the EU.</p><p dir="ltr">"I am saying this in all honesty — honesty that we owe to the Ukrainians," Macron said. "We can have an accelerated process … to accept candidate status for Ukraine but we know that given our standards and the criteria, it would probably take decades for Ukraine to really join the European Union."</p><p dir="ltr">It would not "prejudge future membership," nor would it be "closed to those who have left" the EU, he said.</p><p dir="ltr">Macron did not give any indication on whether creating such a community was a concrete EU plan and, if so, what the timeline for opening the bloc would be.</p><p dir="ltr">During a trip to Berlin later in the day, Macron — who was recently reelected as French president — confirmed that Britain would be invited to "take its full place" in a new community. </p><p dir="ltr">But such a prospect would appear unlikely, given the UK government's resistance to joining the European Free Trade Agreement (EFTA), arguing that it would undermine a core purpose of Brexit to regain control of laws and borders. </p><p dir="ltr">Conversely, Westminster is braced for the government to pull further away from the EU as <a href="https://www.businessinsider.com/liz-truss-poised-to-scrap-northern-ireland-protocol-2022-5">Liz Truss, the foreign secretary, is said to be bringing forward new legislation</a> that will rip up the Northern Ireland protocol in a bid to end checks on goods from Britain, strip powers from the European Court of Justice, and remove requirements for Northern Irish businesses to follow EU regulations.</p><p dir="ltr">That is likely to put London on a fresh collision course with Brussels. </p>

Macron says it could take decades for Ukraine to join the EU and suggested opening a new group that would include the UK

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>NTB Scanpix/Vegard Wivestad Groett/ via REUTERS</span></p><p class="caption">Norway's Prime Minister Erna Solberg.</p></div><p></p></div></div></p><ul><li><strong>EXCLUSIVE: Norway's chief representative to EFTA and the EEA says it would be "very difficult" to stand in the way of Britain pursuing a Norway-style Brexit.</strong></li><li><strong>MPs will vote next week on whether Theresa May should seek to keep Britain in the single market by replicating the so-called Norway model.</strong></li><li><strong>Svein Roald Hansen - the Norwegian Parliament's chief representative to EFTA and EEA - told BI that Norwegian politicians would support Britain going down this route.</strong></li><li><strong>Norway's prime minister, Erna Solberg, last month said she'd welcome it.</strong></li><li><strong>Solberg will meet with Theresa May on Wednesday.</strong></li></ul><p> </p><p>LONDON - It would be "very difficult" for Norway to say no to Britain replicating the so-called Norway option after Brexit by joining the European Economic Area (EEA), the country's delegate to the body has told Business Insider.</p><p>Next week, Westminster MPs will vote on an amendment which, if passed, would instruct Theresa May to pursue a soft form of Brexit - known as the "Norway model" - <a href="https://t.co/XZDAvOOqki" target="_blank" rel="noopener">which is gathering support across the House of Commons</a>.</p><p>This would involve Britain leaving the European Union but keeping full access to the single market by joining the European Free Trade Association (EFTA), <span>which is a non-EU member state's ticket to joining the EEA. </span></p><p><span>Svein Roald Hansen - the Norwegian Parliament's delegate to the EEA and EFTA - told BI this week that a majority of MPs in the Storting, Norway's Parliament, would back letting Britain join EFTA.</span></p><p>"Most people will think that Britain wanted to rejoin EFTA and the EEA, it would be politically very difficult to say no," Hansen, an MP for the Norwegian Labour Party, told BI this week.</p><p>Norway's prime minister, Erna Solberg, who May is due to welcome to Downing Street on Wednesday, also said last month that she'd welcome Britain into the EFTA-EEA group, which is currently made up of Norway, Liechtenstein, and Iceland. </p><p>"I think we will cope very well if the Brits come in. It will give bargaining power on our side too. And it would ease Norway's access to the UK," Solberg `- who is set to meet with May in London on Wednesday - <a href="https://www.ft.com/content/fda3fa32-538a-11e8-b3ee-41e0209208ec" target="_blank" rel="noopener">told the FT</a>.</p><p>However, Hansen also expressed concern about a possible UK EEA membership, telling BI that he was "very worried" that Britain would demand extensive opt outs from EEA rules as part of any deal.</p><p>His comments come as soft Brexit-supporting MPs in both the Conservatives and Labour prepare to support the EEA amendment, which a big majority of peers in the House of Lords voted for last month.</p><p>The case for a Norway-style Brexit has picked up pace over the last few weeks. In April, the Brexit committee <a href="http://uk.businessinsider.com/brexit-select-committee-tell-theresa-may-to-use-soft-brexit-as-the-backstop-option-if-negotiations-fail-2018-4" target="_blank" rel="noopener">advised May </a>to adopt the Norway-model as her official Brexit fallback option. More recently, MP George Freeman - who used to head May's policy unit - <a href="https://twitter.com/GeorgeFreemanMP/status/997382204580880384" target="_blank" rel="noopener">said it's "surely time to start looking"</a><span> at joining EFTA and the EEA.</span></p><p>The Norway option also would be the least economically damaging Brexit model, <a href="http://uk.businessinsider.com/leaked-government-analysis-brexit-britain-worse-off-2018-1" target="_blank" rel="noopener">according to the UK government's own research</a>.</p><h2>'Very worried' about UK demands</h2><p>While Hansen was supportive of Britain joining the EFTA-EEA club, he expressed concern about what the UK government would demand as part of its membership.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>YouTube/Europabevegelsen Norge</span></p><p class="caption">Svein Roald Hansen, Norwegian MP.</p></div><p></p></div></div></p><p>"Our main concern is protecting our agreement with the EU. The question is, would it be difficult with Britain inside?" Hansen told BI.</p><p>"Britain has a history of opt-outs when it comes to cooperation. In the EEA, all countries have to agree when it comes to EU rules and regulations. If one country says no [to a rule], then it does not apply to any of the countries.</p><p>"We all depend on each other. I would be very worried about that."</p><p>He added that while Prime Minister Solberg said she'd be happy for Britain to join EFTA and the EEA, she was not speaking on behalf of many Norweigan parliamentarians who oppose the idea.</p><p>"The interview came as a surprise to most of us. The government has not discussed it with the parliament here in Norway. I am not sure on what basis she suggested Britain could join the EEA agreement," he said.</p><p>Any country wishing to join EFTA must have its application approved unanimously by the EFTA council - ministerial representatives from all four current member states. </p><p>One Norwegian parliament source, who wished to remain anonymous, told BI that while both Conservative and Labour MPs have expressed an interest in the EEA Agreement, there is confusion in Oslo over what Britain actually wants.</p><p>"In the beginning, there was huge interest in the EEA Agreement, and what learnt was that parliamentarians we spoke to had very little knowledge about our agreements," they said.</p><p>"To be honest, it's difficult to understand what the British government wants. That also applies to the Labour Party. They seem to want something as close to EU membership as possible but with opt-outs. That's just not possible."</p><p><a href="http://uk.businessinsider.com/inside-the-battle-to-keep-britain-in-the-single-market-norway-brexit-2018-5" target="_blank" rel="noopener">As BI reported last month</a>, Labour's Brexit team is working on a policy to keep Britain wedded to EU markets through a reformed version of the Norway-model, with a potential opt-out on the free movement of people.</p>   <p class="tagline">Our Brexit Insider Facebook group is the best place for up-to-date news and analysis about Britain's departure from the EU, direct from Business Insider's political reporters. Join <a href="https://www.facebook.com/groups/267178180471848/">here.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/economist-weighted-voting-could-help-save-us-democracy-2018-5">This top economist has a radical plan to change the way Americans vote</a></h3>        <div>                    </div>    </div>

It would be 'very difficult' for Norway to say no to Britain agreeing a soft Brexit

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Sean Gallup/Getty Images</span></p></div><p></p></div></div></p><ul class="summary-list"><li><strong>New polling found that almost a third of respondents have switched their preference in favour of a closer relationship with the EU after Brexit. </strong></li><li><strong>Membership of the European Economic Area, known as the "Norway model," is now the most popular Brexit option, with 43% of Brits in favour, up from 38% last year.</strong></li><li><strong>Under a Norway-style deal, the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> would effectively stay in the single market and continue to follow all of its rules, including the free movement of people. </strong></li><li><strong>Supporters of this form of Brexit say it is the best way of preserving the Irish border and frictionless trade.</strong></li></ul><p>LONDON - Support for Britain retaining a close relationship with the European Union is increasing among both Leavers and Remainers as Theresa May moves towards agreeing a Brexit withdrawal deal, new polling has found.</p><p>The <a href="https://www.kcl.ac.uk/sspp/policy-institute/publications/what-sort-of-brexit-do-the-british-people-want-2018.pdf">research</a>, by the Policy Institute at King's College London, RAND Europe, and Cambridge University, followed up on a 2017 study to assess whether public opinion on Brexit has changed.</p><p>It found that almost a third of respondents have switched their preference in favour of a closer relationship with the EU after Brexit, while a fifth opted for a more distant relationship, and half did not change their views.</p><p>Continued membership of the European Economic Area (EEA), which allows full access to the single market, is now supported by 43% of Brits, up from 38% in 2017, making it the most popular Brexit option.</p><p>Among Leave voters support for leaving the EU without a deal has decreased from 44% in 2017 to 39% in 2018.</p><p><strong>The polling also found:</strong></p><ul><li>One in three Leave voters (34%) would now opt for EEA membership in 2018, up from one in four (24%) in 2017;</li><li>Nearly one in five (18%) Remain voters have shifted from preferring EEA membership in 2017 to simply remaining in the EU;</li><li>Nearly 9 in 10 Remain voters Remain voters now prefer EEA membership or remaining in the EU.</li><li>Overall, an increasing number of Brits see a close relationship with the EU after Brexit as a positive outcome.</li></ul><p>Jonathan Grant, Professor of Public Policy at King's College London, said: "As we approach the cut-off date for finalising a Brexit deal, it appears that more and more people are seeing a close relationship between the UK and the EU as a good thing.</p><p>"While there may be political difficulties in implementing what our research found to be the most popular type of deal - one that resembles membership of the EEA - it is clear that the public place a high value on a soft exit."</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>King's College London</span></p></div><p></p></div></div></p><h2>What is the 'Norway model'?</h2><p>The Norway model is based on two key European organisations: The European Free Trade Association (EFTA) and European Economic Area (EEA). Norway, along with Lichtenstein and Iceland, is a member of both.</p><p>EFTA is made up of the three aforementioned countries, plus Switzerland. All four trade between themselves and the group as a whole has signed free trade deals with numerous non-EU countries, Canada, Mexico, and others.</p><p>The EEA, on the other hand, is a collaboration of all EU member states plus Norway, Lichtenstein, and Iceland. All EEA members - including the non-EU members - enjoy full access to the European single market.</p><p>EEA membership is only available to either EU or EFTA member states. So, under a Norway-style Brexit, Britain would leave the European Union, join EFTA, and then become the 31st full member of the EEA.</p><h2>What are the pros and cons of the Norway model?</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Reuters / Francois Lenoir</span></p><p class="caption">European Union's chief Brexit negotiator, Michel Barnier attends a media briefing with Britain's Secretary of State for Exiting the European Union, Dominic Raab, after a meeting at the EU Commission headquarters in Brussels, Belgium August 21, 2018.</p></div><p></p></div></div></p><p>Being an EFTA-EEA country would allow Britain to maintain full to the single market. This would remove the need for numerous costly border checks and go some way to preserving the invisible Irish border. This arrangement would also include single market treatment for services, which account for around 80% of Britain's economy.</p><p>Most research suggests this would be the least damaging form of Brexit. <a href="http://uk.businessinsider.com/theresa-may-is-going-to-publish-the-leaked-brexit-impact-paper-2018-1" target="_blank" rel="noopener">The government's own impact assessment found</a> the Norway option would be the least damaging option in terms of economic harm.</p><p>And although Britain would retain full single market access, it wouldn't be forced to sign up to some of the EU's more contentious programmes. It wouldn't be required to join the EU's Common Fisheries Policy, for example, which has long been a bugbear for many Brexiteers. It would also be exempt from the Common Agricultural Policy.</p><p>And what about the much-debated European Court of Justice? Brexiteers are determined to abandon the EU's supreme court, after all. Under the Norway model, the ECJ would have no jurisdiction over Britain.</p><h2>What about the cons?</h2><p>Although Britain would finally be free of the ECJ, it would be obliged to dock to the EFTA court - which to most Brexiteers would merely represent another set of unaccountable, interfering foreign judges.</p><p>Then there's the issue of Britain's influence as an EFTA/EEA country. Under the Norway model, Britain would have full access to the single market but retain much less say in shaping its rules than it does now as an EU member.</p><p>"Pay with no say" is how critics of the Norway model describe this. Norway does not formally participate in Brussels decision-making <a href="https://www.theguardian.com/commentisfree/2015/oct/27/norway-eu-reality-uk-voters-seduced-by-norwegian-model" target="_blank" rel="noopener">but has incorporated around 75% of EU law into its national legislation</a>.</p><p>And there's the big elephant in the room: immigration. The public's desire to control immigration was arguably the biggest driving force for Brexit, and the UK government has vowed to end the free movement of EU citizens.</p><p>EEA members are required to accept the EU's four freedoms, including the free movement of people. Clearly, this would be politically dangerous for any government, and for that reason is probably a non-starter.</p><h2>So how likely is a Norway-style Brexit?</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Getty</span></p></div><p></p></div></div></p><p>Very unlikely. Theresa May doesn't favour it because it would force her to retain free movement, and many Tory MPs would vote against such a deal in parliament. The polling does show, however, that more and more people see a close relationship with the EU as a positive thing as the cut-off date for a Brexit deal approaches.</p><p>Whether that deal takes the form of a revised version of May's Chequers proposals or an agreement on the EU's terms will be determined in the next few weeks.</p><p>The EU's chief Brexit negotiator Michel Barnier is currently drafting the political declaration and both sides are working to thrash out a deal on the Irish border. Both sides hope to agree on the final deal by November, but one or both sides will need to make big concessions before that happens.</p><p class="tagline">Our Brexit Insider Facebook group is the best place for up-to-date news and analysis about Britain's departure from the EU, direct from Business Insider's political reporters. Join <a href="https://www.facebook.com/groups/267178180471848/">here.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/what-caffeine-does-body-brain-2017-3">Here's what caffeine does to your body and brain</a></h3>        <div>                    </div>    </div>

New poll finds the UK public increasingly want a soft Brexit

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>REUTERS/Ints Kalnins</span></p></div><p></p></div></div></p><p>LONDON - The Brexit Committee this week made a significant intervention into the Brexit debate when it urged Theresa May to consider the 'Norway model' as her official fallback option.</p><p>The cross-party Exiting the European Union parliamentary committee, led by Labour's Hilary Benn, <a href="http://uk.businessinsider.com/brexit-select-committee-tell-theresa-may-to-use-soft-brexit-as-the-backstop-option-if-negotiations-fail-2018-4" target="_blank" rel="noopener">said May should consider the Norway option as her backstop Brexit</a> if she fails to meet 15 targets in future relationship talks with the EU.</p><p>These tests include maintaining an invisible Irish border, trade between the UK and EU continuing as it does now with no new costs, and full participation in several European agencies. The EU has already ruled out many of the tests, on the grounds that they are impossible to meet if Britain is outside the single market and customs union.</p><p>Brexit Secretary David Davis has previously ruled out the so-called Norway option. Davis described this sort of Brexit as "in many ways, the worst of all outcomes" <a href="http://uk.businessinsider.com/david-davis-rules-out-eea-efta-brexit-2017-9" target="_blank" rel="noopener">in September</a>.</p><p>However, the UK government has already climbed down on numerous Brexit positions it once held, and could be forced to reconsider its rejection of the Norway option, should May fail to achieve her negotiating goals.</p><h2>What is the Norway model?</h2><p>The Norway model describes two key European organisations: The European Free Trade Association (EFTA) and European Economic Area (EEA). Norway, along with Lichtenstein and Iceland, is a member of both.</p><p>EFTA is made up of the three countries listed above, plus Switzerland. The group trades between itself and has signed free trade deals with a number of non-EU countries, Canada, Mexico and others.</p><p>The EEA, on the other hand, is a collaboration of all EU member states plus Norway, Lichtenstein, and Iceland. All EEA members, including the non-EU members, enjoy full access to the contentious European single market.</p><p>EEA membership is only available to either EU or EFTA member states. So, under a Norway-style Brexit, Britain would leave the European Union, join EFTA, and then become the 31st full member of the EEA.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>REUTERS/Francois Lenoir</span></p><p class="caption">Brexit Secretary David Davis and the EU's chief Brexit negotiator Michel Barnier.</p></div><p></p></div></div></p><h2>What are the pros of the Norway-style Brexit?</h2><p>Being an EFTA-EEA country would allow to Britain maintain full, tariff-free access to the single market. That would include services, which currently account for around 80% of Britain's economy.</p><p>Most research suggests this would be the least damaging form of Brexit. <a href="http://uk.businessinsider.com/theresa-may-is-going-to-publish-the-leaked-brexit-impact-paper-2018-1" target="_blank" rel="noopener">The government's own impact assessment found</a> the Norway option would be the least damaging option in terms of economic harm.</p><p>And although Britain would retain full single market access, it wouldn't be forced to sign up to some of the EU's more contentious programmes. It wouldn't be required to join the EU's Common Fisheries Policy, for example, which has long been a bugbear for many Brexiteers. It would also be exempt from the Common Agricultural Policy.</p><p>And what about the much-debated European Court of Justice? Brexiteers are determined to abandon the EU's supreme court, after all. Under the Norway model, the ECJ would have no jurisdiction over Britain.</p><h2>What about the cons?</h2><p>The Norway model clearly has its advantages - but it is not without criticism.</p><p>Although Britain would finally be free of the ECJ, it would be obliged to dock to the EFTA court - which to most Brexiteers would merely represent another set of unaccountable, interfering foreign judges.</p><p>Then there's the issue of Britain's influence as an EFTA/EEA country. Under the Norway model, Britain would have full access to the single market but retains considerably less say in shaping its rules than it does now as an EU member.</p><p>"Pay with no say" is how critics of the Norway model describe this. Norway does not formally participate in Brussels decision-making <a href="https://www.theguardian.com/commentisfree/2015/oct/27/norway-eu-reality-uk-voters-seduced-by-norwegian-model" target="_blank" rel="noopener">but has incorporated around 75% of EU law into its national legislation</a>. </p><h2>What about immigration?</h2><p>The elephant in the room here is immigration. The public's desire to control immigration was arguably the biggest motive for Brexit voters, and the UK government has vowed to end the free movement of EU citizens. </p><p>EEA members are required to accept the famous (or infamous) four freedoms, including the free movement of people. Clearly, this would be politically dangerous for any government, and for that reason is probably a non-starter.</p><p>There is one way around that, but it probably isn't very realistic.</p><p>Article 112 of the EEA Agreement allows non-EU member states to opt out of the four freedoms if they are facing serious economic, societal or environmental strain. For example, Lichtenstein used Article 112 to impose controls on the free movement of people, due to concerns over whether a country of its modest size and resources could cope with big influxes of people. It's unlikely whether Britain could successfully make the same case, though.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>REUTERS/Russell Cheyne</span></p></div><p></p></div></div></p><h2>What would it mean for the Irish border?</h2><p>Perhaps the strongest case for a Norway-style Brexit is that it would go some way to resolving the Irish border dilemma.</p><p>By remaining closely aligned with EU rules, Britain would avoid a number of non-tariff barriers which are set to emerge on the border between Northern Ireland and the Republic under May's plan to leave the single market.</p><p>It wouldn't be a complete solution. In order to eliminate tariff barriers, Britain would need to be in either the current or a new customs union with the EU after Brexit, something which isn't included in the Norway model package.</p><p>However, with the UK government seemingly nowhere close to finding a solution for avoiding physical infrastructure on the Irish border, do not be surprised if May and co begin to warm to the idea.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-the-1999-russian-apartment-bombings-led-to-putins-rise-to-power-2018-3">How a series of deadly Russian apartment bombings in 1999 led to Putin's rise to power</a></h3>        <div>                    </div>    </div>

Theresa May is under pressure to embrace the Norway Brexit model - here's what that means

<ul class="summary-list"><li>The Federal Deposit Insurance Corporation, or <keyword id="115108" type="ORGANIZATION" weightage="60" keywordseo="FDIC">FDIC</keyword>, is an independent government agency whose mission is to protect consumers' money and regulate financial institutions.</li><li>The FDIC insures up to $250,000 per depositer, per insured bank. But it doesn't insure all account types.</li><li>If your bank folds, the FDIC will automatically return your funds back to you so long as the account and funds are insured.</li></ul><p>Picking which bank to store your money is a big decision. There are many options to choose from nowadays, with each financial institution offering various benefits and services. But when you store your money in a bank, you want to make sure it's safe. </p><p>That's where the FDIC comes in.</p><p>To open an account at a FDIC-insured bank means your money is protected, even in the event of a bank failure. "One of the biggest things is to remember that deposit insurance is paid for by the banks and protects depositors in the unlikely event that their bank fails," says <a href="https://www.linkedin.com/in/julianne-breitbeil-815083b6/">Julianne Breitbeil</a>, a senior media relations specialist at the FDIC. "It's not personal insurance for miscellaneous losses." <br /><br />Here's what to know about the FDIC, how it insures your money, and how to get your money back should a bank shut down. </p><h2><strong>What is the FDIC?</strong></h2><p>The FDIC is an independently run agency of the US government. Its role is to protect consumers' deposits in the event a financial institution such as a bank or savings association fails. In doing so, the primary goal of the FDIC is to maintain stability in the economy while boosting public confidence in the US financial system.</p><p>While the FDIC operates independently from the federal government, the agency is backed by it. In other words: When you deposit money in a FDIC-insured account, the US government guarantees the money will always be accessible.</p><p>Founded in 1933 by Congress, the FDIC was established in response to the staggering number of bank failures during the <a href="https://www.businessinsider.com/what-caused-the-great-depression#:~:text=The%20Great%20Depression%20was%20the,GDP)%20declined%20by%2030%25.">Great Depression</a>. To date, the FDIC monitors more than 3,500 financial institutions, which is more than half of institutions in America's banking system.</p><p>Although the FDIC is the one insuring your money, the funds actually come from the banks that are FDIC-insured. The FDIC will pay insurance to account holders with deposit accounts up to the insured limit. </p><h2><strong>Important dates in FDIC history</strong></h2><ul><li><strong>June 16, 1933: </strong>President Franklin D. Roosevelt signed the Banking Act of 1933 - also known as the Glass-Steagall Act - into law, which created the FDIC. The Banking Act was created during the nation's most severe banking crisis, and its goal was to regulate interbank control and restore faith in the country's banking system. </li><li><strong>July 5, 1934: </strong>A bank customer by the name of <a href="https://www.fdic.gov/exhibit/p1.html#/20">Lydia Lobsiger</a> receives the first FDIC disbursement of $1,250 when her bank, the Fond Du Lac State Bank in East Peoria, had failed.</li><li><strong>October 3, 2008: </strong>At the height of the Great Recession, Congress signed off on $700 billion to fund the Troubled Asset Relief Program (TARP). Of that $700 billion, $245 would go toward bolstering the capital of financial institutions. Between 2008 through 2013, 500 US banks failed.</li></ul><h2><strong>What does the FDIC do?</strong></h2><p>The FDIC doesn't just insure money - it provides a number of functions to keep banks accountable and consumers' money safe:</p><ul><li><strong>Protects your money:</strong> As mentioned, the FDIC offers desposit insurance and protects your money in the event of a bank failure. Sometimes, another bank might act as the "buyer," and buy the bank that is faltering. If a bank doesn't step in and buy the failing bank, the FDIC will handle paying the account holder directly. </li><li><strong>Regulates financial institutions:</strong> It also oversees financial institutions for consumer protection, safety, and soundness. The FDIC also ensures that they're compliant with consumer protection laws such as the Truth in Savings Act (TISA), the Expedited Funds Availability Act (EFA Act), and the Electronic Fund Transfer Act (EFTA). The FDIC also promotes fair lending statutes and regulations.</li><li><strong>Resolves failed banks: </strong>The FDIC is also the "receiver" of a failed bank, so it sells the bank's assets and settles its debts, including claims for deposits in excess of the insured limit.</li><li><strong>Provides educational resources: </strong>The FDIC not only protects consumers, it has a mission to educate them, too. From educational programs like <a href="https://www.fdic.gov/resources/consumers/money-smart/index.html" target="_blank" rel="noopener">Money Smart</a> and robust <a href="https://www.fdic.gov/consumers/index.html" target="_blank" rel="noopener">consumer assistance resources,</a> to <a href="https://www.fdic.gov/news/podcasts/" target="_blank" rel="noopener">podcasts on consumer protection and banking history</a> and the <a href="https://edie.fdic.gov/index.html" target="_blank" rel="noopener">Electronic Deposit Insurance Estimator</a> (EDIE), which can help you determine how coverage applies to you, there is plenty of material for consumers to explore. </li></ul><h3><strong>What the FDIC does insure</strong></h3><p>When you have a deposit account at an FDIC-backed bank - such as a savings, checking, a money market account, or <a href="https://www.businessinsider.com/personal-finance/what-is-a-cd-certificate-of-deposit">certificate of deposit</a> (CD) - your deposits are backed up to at least $250,000 per bank, per person, per account type. You don't need to sign up for FDIC insurance. If it's an FDIC-backed bank, you're automatically covered up to that amount.</p><p>The types of accounts the FDIC insures includes:</p><ul><li>Savings accounts </li><li>Checking accounts</li><li>Money market accounts </li><li>Certificates of deposits (CDs) </li><li>Cashier's checks </li><li>Money orders</li></ul><p><strong>Quick tip: </strong>Credit unions are different from traditional banks in that the funds are insured by the National Credit Union Share Insurance Fund (NCUSIF). This is an organization that's backed by the National Credit Union Administration (NCUA).</p><h3><strong>What the FDIC doesn't insure</strong></h3><p>However, the FDIC doesn't insure all types of accounts like payment apps, investment accounts, or insurance policies, which includes: </p><ul><li>Investments in stocks, bonds, or mutual funds </li><li>Life insurance policies</li><li>Annuities </li><li>Safe deposit boxes or their contents </li><li>Municipal securities </li><li>Money in apps such as PayPal or Venmo</li></ul><p>An exception to PayPal is when you add money to your PayPal account using direct deposit. In this case, that money will be eligible for what's known as <a href="https://www.paypal.com/myaccount/bundle/terms">FDIC pass-through insurance</a>.</p><p>When you buy cryptocurrency or add money to your Venmo account using remote capture or direct deposit, funds from your Venmo balance also can be backed up by FDIC pass-through insurance.</p><p>Although funds in a payment platform such as Venmo or PayPal aren't typically backed by the FDIC, there might be exceptions, so be sure to comb over the fine print.<strong><br /></strong></p><h2><strong>How to confirm your bank's FDIC status</strong></h2><p>To find out if your financial institution is FDIC-insured, you can either ask a bank representative, look for the FDIC sign at your bank, or you can use the FDIC's <a href="https://research2.fdic.gov/bankfind/">BankFind</a> tool, explains Breitbell. <br /><br />This tool lets you access specific information about FDIC-backed banks, such as the current operating status, its website, branch locations, and the regulator to reach out to for more information or help. </p><h2><strong>How to file a claim with the FDIC</strong></h2><p>In the event of a bank failure, the FDIC will automatically step in and pay insurance to eligible account holders up to the insurance cap. You don't have to file a claim. This happens automatically, and no action is needed on your part. <br /><br />Under federal law, the FDIC is required to make these payments as soon as possible. Usually, these payments are made within two business days after a bank shutters, but usually within a business day. <br /><br />As the bank's customer, your account gets passed off to an FDIC-insured bank, where you'll get a new account. The amount in your account will be the same as the insured balance you had at your previous financial institution, which had failed. Otherwise, you'll receive a check for the balance that was protected. </p><p>Note this is only when your financial institution fails. Should you fall victim to identity theft or fraud, that doesn't fall under what the FDIC protects. It's a matter that your bank can handle and help with. And if you lost money through an investment account, insurance policy, or payment app, that's also not something the FDIC handles. </p><h2><strong>The financial takeaway</strong></h2><p>The FDIC was created by Congress in 1933 to protect consumers' money should a bank fail. Should the financial institution where you bank close down, the FDIC will give you back your money.</p><p>The FDIC will cover up to $250,000 per person, per account no matter where you do banking. Just make sure to check if your financial institution - and account type - is backed by the FDIC. You can easily check to see if the financial institution you do banking with is FDIC-insured by talking to a bank rep or using the FDIC's BankFind tool.</p><a data-type="5f84c00abf96b9406b72f3aa">The Federal Reserve is the central bank of the US - here's why it's so powerful and how it affects your financial life</a><a data-type="5f652c5319bb5e3cdd4aad53">The main causes of the Great Depression, and how the road to recovery transformed the US economy</a><a data-type="5f072cc54dca681c8710fbb8">What is a recession? How economists define periods of economic downturn</a><a data-type="602bff0506adf848107b0559">What are the safest investments? 7 low-risk places to put your money - and what makes them so</a>

What is the FDIC?

<p></p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>LONDON - 2016 has been a year of political earthquakes.<p>Not least in Britain, where in June the public voted to leave the European Union, despite the projections of pollsters,&#xa0;betting markets, and the vast majority of respected commentators.</p><p>The shock Brexit vote was just the beginning, though.</p><p>The result turned British <keyword id="6358883" type="PERSON" weightage="100" keywordseo="Politics">politics</keyword> on its head, forcing David Cameron to resign as prime minister and make way for his successor Theresa May.</p><p>It sparked a leadership challenge in the Labour Party which was one of the most bitter contests in the party's history.</p><p>Now, May's Tory government is tasked with overseeing Britain's departure from the 28-nation bloc, which will undoubtedly be one of the most difficult and time-consuming negotiations a <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> government has ever faced.</p><p>"Brexit means Brexit," became the prime minister's catchphrase of choice. However, as we&#xa0;head into the new year, phatic slogans will soon make way for technical jargon as talks between Britain and the EU get underway.</p><p>You probably will have heard some of this jargon already. Pretty much every MP has had a say on the single market, while "transitional deal" is emerging as a key point of discussion as the economic realities of Brexit become clearer.</p><p>But some of these terms can be complex and tough to get your head around. Here's a breakdown of the key terms you need to know prior to Brexit talks beginning in 2017.</p><h2><strong>Article 50</strong></h2><p>The official mechanism that allows a country to leave the EU and outlines a vague procedure for doing so. It was created as part of the Lisbon Treaty in 2009. Once Article 50 is triggered, the departing member state has two years to negotiate the terms of its exit from the EU.&#xa0;<span>May has promised to trigger Article 50 in March 2017.</span></p><h2><strong>Single Market</strong></h2><p>The EU's free trade arena in which there are no tariffs, quotas or tax, also known as the "internal market." It was designed to make it as simple as possible for member states to trade with each other, so, for example, trade can be done between London and Berlin with just as much as ease as it is between London and Manchester. Nearly half of UK exports went to countries in the European single market as of this year, <a href="https://fullfact.org/europe/uk-eu-trade/" target="_blank">according to Full Fact.</a></p><h2><strong>The four freedoms</strong></h2><p>In order to be a member of the Single Market, though, member states must comply with the EU's 'four freedoms' - the free, unlimited movement of goods, services, capital and people between all 28 member states. These four freedoms are central to the EU's political mission.</p><p>The free movement of people is the most contentious of the four freedoms, as it has resulted in high levels of immigration to western EU states like the UK.</p><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><h2><strong>Hard Brexit</strong></h2><p>The term "hard Brexit' is used to describe a scenario where Britain undergoes an almost complete divorce from the European Union. It would leave the Single Market and as a result disconnect itself from the four freedoms.</p><p>It would also leave the customs union, stop making EU budget contributions and no longer be subject to EU law.</p><p>Technically, the divorce would not be totally complete as Britain would still have to comply with EU standards when it trades with the 28-nation bloc after leaving Brexit. Nonetheless, a hard Brexit would represent a victory for staunch Brexiteers like former UKIP leader Nigel Farage and cabinet ministers like Liam Fox.</p><h2><strong>Soft Brexit</strong></h2><p>A soft Brexit would see Britain maintain close ties with the European Union and for this reason is the preferred type of Brexit for Remainers. Britain would lose certain features of its EU membership like its MEPs and European Council seat but would retain Single Market membership.</p><p>This type of arrangement would require Britain to continue its commitment to the four freedoms and most importantly the free movement of people. This would amount to political suicide for May, who is being pressured perhaps above all else to reduce immigration levels.</p><h2><strong>Free trade deal&#xa0;</strong></h2><p>Once Britain has officially left the EU, one of its next tasks will be to negotiate a <em>new</em> free-trade deal with the 28-nation bloc, assuming it doesn't simply opt to stay in the single market. This sort of deal can take years to finalise and requires vast skills and expertise. For example, it took over seven years for Canada and the EU to finally agree its own free trade deal, and any UK-EU deal will likely have more parts and complexities.</p><h2><strong>Transitional deal</strong></h2><p>The EU has told Britain that it will only begin to negotiate a new free trade deal once the Article 50 period has expired. This means that there will be a significant gap between Britain leaving the EU and its crucial new trade relationship with the Union coming to effect, <em>potentially up to a decade</em>.</p><p>With this uncertainty in mind, May's government is reportedly considering trying to arrange a transitional deal as part of Article 50 talks, which would cover Britain while it tries to negotiate a permanent deal with the EU. The City is keen for a transitional deal as it would help prevent the country's economy from falling off a cliff once Brexit is formally completed.</p><h2><strong>Customs union</strong></h2><p>The EU is also a customs union. This means that member states trade freely with each other and&#xa0;have all agreed to charge the same tariff on imports from outside the EU.</p><p>Basically, nations importing goods into the EU pay the same tariff regardless of which member states they are importing to. Crucially, members of the custom union cannot negotiate their own trade deals elsewhere in the world. This is why many Brexiteers do not want Britain to remain in the customs union after Brexit, as it would prevent the country from striking new trade deals around the world.</p><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><h2><strong>Economic Free Trade Association (EFTA)</strong></h2><p>Now things get a bit more complex. There are states within the EU Single Market that are not actually members of the European Union - <span>Iceland, Liechtenstein, Norway, and Switzerland. These countries are part of a smaller club of nations called the Economic Free Trade Association. </span></p><p><span>These countries must comply with the rules of the Single Market - but there are some exceptions. For example, the free movement of people applies in Norway, but the country is exempt from EU rules on agriculture, fisheries, justice and home affairs. A possible way Britain could get a soft Brexit would be by joining EFTA, subject to an application, and negotiating a membership that would give it access to the single market with exemptions from other aspects of EU policy, referred to as the "Norway model."</span></p><h2><strong>World Trade Organisation (WTO)</strong></h2><p><span>WTO is an international trade organisation with 162 members that promotes global commerce. If Britain does not opt for a transitional Brexit deal or fails to negotiate one within the two-year Article 50 period, then it will automatically default to WTO trade rules. This means that Britain and the EU would be required to apply to each other the tariffs and trading rules they apply to nations elsewhere in the world.</span></p><h2><strong>Great Repeal Bill</strong></h2><p>A piece of legislation the prime minister announced at the Conservative Party that will see all EU law that currently affects UK law transposed into domestic law. From there, parliament will be asked to decide which laws (out of the hundreds upon hundreds) it wants to keep and those it wants to scrap. The challenge facing&#xa0;parliament was described as the "largest legislative task" by a <a href="http://uk.businessinsider.com/academic-report-brexit-hardest-task-ever-for-britain-european-union-2016-11" target="_blank">recent Institute For Government report.</a></p><p><div></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/londoners-relive-brexit-shock-donald-trump-wins-us-election-hillary-clinton-2016-11">Londoners relive Brexit shock as Trump wins the US election</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="VjMjBoNzE67BTpPfxYQ3nt4kJsJ3ixp3" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

The key Brexit terms you need to know for 2017

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Getty</span></p><p class="caption">Anti-Brexit protestors in London.</p></div><p></p></div></div></p><ul><li><strong>The government could stay within the single market - or retain close access - at the same time as limiting free movement, which allows citizens to move freely around Europe.</strong></li><li><strong>Immigration was a central force behind Brexit, but MPs say that safeguards and provisions within a Norway-style Brexit deal could be enough to place sufficient restrictions on immigration to satisfy the public.</strong></li><li><strong>Committee chair Yvette Cooper MP said "there has been no attempt by the Government to hold any kind of sensible debate on it or build any kind of consensus on immigration" since the 2016 referendum.</strong></li></ul><p><br />LONDON - Theresa May could keep Britain within the EU single market after Brexit while still placing new controls on immigration, according to a cross-party report by MPs.</p><p>The Home Affairs select committee found that if May backed down on her Brexit "red lines" and sought a Norway-style arrangement with close participation in the single market, a number of measures to limit migration might still be possible.</p><p>Those include "emergency brake" provisions, controls on access to the UK labour market, and further measures which build on the ultimately failed negotiations carried out by former prime minister David Cameron.</p><p>The proposals would likely enrage Leave-supporting MPs, who have railed against May's latest Brexit proposals because they would keep the UK closely linked with Brussels.</p><p>The government has repeatedly pledged to end freedom of movement after Brexit, the policy which allows EU citizens to live and work freely across the continent without visa approval.</p><p>It was a central issue in the 2016 referendum campaign, and the report acknowledged that two-thirds of British voters wish to see immigration levels reduced.</p><p>But the report suggested that a bespoke deal could allow the UK to retain free movement - and therefore full access to Europe's single market - and limit immigration at the same time.</p><h2>Moving towards Norway?</h2><p>If the UK sought membership of the European Free Trade Association (EFTA) like Norway, for example, the UK could fall back on the safeguard clause embedded in Articles 112 and 113 of the EEA Agreement.</p><p>That provision allows for the application of an "emergency brake" on free movement in <span>circumstances of "serious economic, societal or environmental difficulties of a sectoral or regional nature."</span></p><p><span>Both Lichtenstein and Switzerland are non-EU members which operate forms of the emergency brake.</span></p><p><span>The report highlighted a number of other potential policy proposals, including a "prior job offer" system </span>in which jobseekers did not have the right to reside in the UK unless they already had an offer of employment, or a "regional emergency brake" which would allow devolved administrations to impose restrictions for a time-limited period, based on economic data and demand for public services.</p><p>Any move to retain free movement - even with extensive controls - would be very difficult for the current administration to push through because it would face a revolt on two fronts. </p><p>The EU has already made it explicitly clear that it perceives any attempts to water down free movement as an attempt to divide the "four freedoms," which are central to the bloc's founding philosophy.</p><p>And Conservative Brexiteers are already deeply unhappy with May's proposals because they would see the UK aligned with some rules. A deal which sought to keep the UK within the single market and retained the jurisdiction of the European Court of Justice would likely be rejected in parliament.</p><p>Yvette Cooper, chair of the committee, said it was time for the government to have a "measured debate" on post-Brexit immigration after the "misinformation and tensions" over the subject during the referendum campaign in 2016.</p><p>"Immigration was one of the central issues during the referendum and it divided the country, but sadly there has been no attempt by the Government to hold any kind of sensible debate on it or build any kind of consensus on immigration since," Cooper said.</p><p>"That is deeply disappointing and it has left a vacuum - and it's really important that people don't exploit that again."</p><p class="tagline">Our Brexit Insider Facebook group is the best place for up-to-date news and analysis about Britain's departure from the EU, direct from Business Insider's political reporters. Join <a href="https://www.facebook.com/groups/267178180471848/">here.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/best-features-coming-to-the-iphone-in-ios-12-this-fall-2018-7">Top 9 features coming to the iPhone in iOS 12</a></h3>        <div>                    </div>    </div>

How Theresa May could control UK migration while staying in the single market after Brexit

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Jeff Spicer/Getty Images</span></p><p class="caption">Kate Hoey MP.</p></div><p></p></div></div></p><ul><li><strong>Labour Brexiteer Kate Hoey says leaving the European Union is a "great opportunity" for the left.</strong></li><li><strong>Writing for Business Insider, the MP for Vauxhall urges her Labour colleagues to ditch the "inward-looking, protectionist" EU and become a "truly internationalist party" again.</strong></li><li><strong>Hoey criticises Jeremy Corbyn's "puzzling" decision to commit to a post-Brexit customs union with the EU.</strong></li><li><strong>A hard Brexit will make Britain more effective in tackling poverty worldwide, Hoey argues.</strong></li></ul><p> </p><p>LONDON -In last year's general election, the Labour Party manifesto stated in plain language: "Labour accepts the referendum result." Standing on this pro-Brexit programme, Labour achieved its highest vote share since 2001 and its biggest swing since 1945.</p><p>A majority of the seats that Labour won from the Conservatives were in <a href="http://blogs.lse.ac.uk/brexit/2018/02/22/brexit-was-a-vote-for-national-control-and-against-immigration-labour-must-fully-embrace-it/" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://blogs.lse.ac.uk/brexit/2018/02/22/brexit-was-a-vote-for-national-control-and-against-immigration-labour-must-fully-embrace-it/&amp;source=gmail&amp;ust=1523111937801000&amp;usg=AFQjCNFtPZcKkjOiod6HyaoFuhQCCsJepQ">constituencies that are estimated to have voted Leave</a>. For those of us who have long believed that "ever closer union" with the European Union has pulled Labour even further apart from our core voters, this result was a vindication.</p><p style="font-weight: 400;">As we move into the next stage of the Brexit negotiations, the Labour Party must understand that Brexit is not a disaster for the British left. It is a great opportunity.</p><p style="font-weight: 400;">To take full advantage of this opportunity, Labour MPs must rediscover the spirit of Clement Attlee. Attlee opposed the UK joining the Common Market, which he viewed as an inward-looking, protectionist club. Like Attlee, Labour MPs should embrace a UK that takes a strong stand in world affairs, working with the Commonwealth and our friends around the world to further social justice. It means becoming a truly internationalist party again.</p><p style="font-weight: 400;">The 2017 Labour manifesto was true to this spirit. The manifesto pledged: "We will build a close co-operative future relationship with the EU, not as members but as partners." This is why it is so puzzling that the Labour leadership recently caved to pressure from the ardent Remainers and argued for some kind of customs union with the European Union.</p><p style="font-weight: 400;">Staying in a customs union would mean the UK's trade policy is set by an external organisation, the EU, and with the UK having little or no influence. This would run counter to the 2017 manifesto because we would not be "partners" of the EU; we would be a vassal state, as Labour's Shadow Trade Secretary <a href="https://www.theguardian.com/commentisfree/2017/jul/24/leaving-eu-single-market-customs-union-brexit-britain-europe" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=https://www.theguardian.com/commentisfree/2017/jul/24/leaving-eu-single-market-customs-union-brexit-britain-europe&amp;source=gmail&amp;ust=1523111937801000&amp;usg=AFQjCNHFISzODilWTcOzsyxUolxAqdqwmQ">Barry Gardiner</a><span> </span>warned.</p><p style="font-weight: 400;">Not even the EFTA countries, such as Norway, Iceland, or Switzerland, are in a customs union with the EU. They realise the absurdity in contracting out their trade policy to an external organisation.</p><p style="font-weight: 400;">Staying in a customs union with the EU would be a huge missed opportunity for a future Labour government. Whilst inside a customs union, we cannot use trade policy to achieve wider goals of social and international development.</p><p style="font-weight: 400;">Some of the most vocal opponents of the United Kingdom joining the Common Market in the first place came from the international development community. In 1970, Action for World Development - founded by Oxfam and Christian Aid - published a pamphlet entitled The White Tribes of Europe, which argued: "the present policies of the EEC are largely indifferent to the problems of world poverty and world development."</p><p style="font-weight: 400;">Two pioneering female Labour MPs - Barbara Castle and Judith Hart - opposed Common Market membership on the grounds that European protectionism enriched Europe at the expense of the global poor. Barbara Castle lamented during the 1975 referendum, "the largest and poorest countries… are left out of this circle of privilege because their membership will not suit the trading interests of the European bloc… This isn't the language of internationalism…It is euro-jingoism."</p><p style="font-weight: 400;">Since the vote to leave in 2016, numerous countries around the world have excitedly welcomed the prospects of the United Kingdom being free to strike its own trade deals. In the post-Mugabe era, even Zimbabwe's new President has welcomed Brexit as an <a href="http://www.thezimbabwemail.com/zimbabwe/mnangagwa-eyes-commonwealth-amid-brexit-opportunity/" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://www.thezimbabwemail.com/zimbabwe/mnangagwa-eyes-commonwealth-amid-brexit-opportunity/&amp;source=gmail&amp;ust=1523111937801000&amp;usg=AFQjCNHY8_Kh7yGbZiNP1lClrCgWeV29XA">'opportunity'</a><span> </span>to repair links with the UK. </p><p style="font-weight: 400;"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Jeff J Mitchell / Getty Images</span></p></div><p></p></div></div></p><p style="font-weight: 400;">A future Labour government, outside of the customs union, could pursue more humanitarian trade policies. We could use trade policy as a way of advancing development, rather than exploiting vulnerable economies. Jeremy Corbyn is an internationalist who has long been a champion for the poor in <a href="http://www.brasilwire.com/jeremy-corbyn/" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://www.brasilwire.com/jeremy-corbyn/&amp;source=gmail&amp;ust=1523111937801000&amp;usg=AFQjCNHpf5g2ez6VzLNaMFYXg-nX5pssQw">Latin America </a>and <a href="https://mg.co.za/article/2017-06-15-00-why-corbyn-got-the-african-and-youth-vote" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=https://mg.co.za/article/2017-06-15-00-why-corbyn-got-the-african-and-youth-vote&amp;source=gmail&amp;ust=1523111937801000&amp;usg=AFQjCNGYd-nE20CH1ZJio6WJV-KgQpnOHg">Africa</a>. So there is no logic in him deciding the UK should stay in some kind of <a href="https://capx.co/how-the-eu-starves-africa-into-submission/" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=https://capx.co/how-the-eu-starves-africa-into-submission/&amp;source=gmail&amp;ust=1523111937801000&amp;usg=AFQjCNHoZeXca5H_g7t50WOdyLTSvRpBMg">protectionist club</a> that has devastated the economies of some of the poorest countries in the world, especially in Africa.</p><p style="font-weight: 400;">In the 1960s, as a member of the House of Lords, Clement Attlee, delivered a vociferous argument about why Labour should not join the European Common Market. He told Parliament: "The idea of an integrated Europe is historically looking backward, and not forward…by all means, let us get the greatest possible agreement between the various continents, but I am afraid that if we join the Common Market we shall be joining not an outward-looking organisation, but an inward-looking organisation."</p><p style="font-weight: 400;">It is by the spirit of Attlee that Labour should move forward. We must get out of the protectionist EU customs union and into the world! Labour needs to lead the way.</p><p style="font-weight: 400;"><em>Kate Hoey is the Labour MP for Vauxhall and co-chair of Labour Leave.</em></p><p class="tagline">This column does not necessarily reflect the <keyword id="6356002" type="UNKNOWN" weightage="100" keywordseo="opinion">opinion</keyword> of Business Insider.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/remove-apps-facebook-privacy-issue-data-tip-fix-2017-11">How to stop your Facebook friends from giving away your data</a></h3>        <div>                    </div>    </div>

'We must get out of the protectionist EU and into the world' - Kate Hoey writes for Business Insider

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>David Paul Morris/Bloomberg via Getty Images</span></p><p class="caption">Uber CEO Travis Kalanick.</p></div><p></p></div></div>Uber is going to court in Europe, in a case that could have huge implications for the app-based economy across the continent.</p><p>On Tuesday, the Californian taxi-hailing company will seek to convince Europe's top court that it is a digital service, not a transport company, in a case that could determine whether app-based startups should be exempt from strict laws meant for regular companies.</p><p>The case first began in Spain in 2014 after Uber faced opposition from the incumbent taxi industry - and it has now reached the European Court of Justice.</p><p>The U.S. taxi app, which launched in Europe five years ago, has faced fierce opposition from regular taxi companies and some local authorities, who fear it creates unfair competition because it is not bound by strict local licensing and safety rules.</p><p>Supporters, however, say rigid regulatory obligations protect incumbents and hinder the entry of digital startups which offer looser work arrangements to workers in the 28-country European Union looking for more flexibility, albeit without basic rights.</p><p>Uber found itself in the dock in Spain after Barcelona's main taxi operator alleged in 2014 that it was running an illegal taxi service. The case concerns its UberPOP service which the company halted after the lawsuit.</p><p>Uber maintains that it is simply digital platform that connects willing drivers with customers, and is not a transport service.</p><p>The Spanish judge subsequently sought guidance from the Luxembourg-based European Union Court of Justice. (<span>The case is Case C-434/15 Asociación Profesional Elite Taxi.)</span></p><p>A ruling characterizing Uber as a transport service could expose it to stricter rules on licensing, insurance and safety, with possible knock-on effects on other startups such as online home rental company Airbnb.</p><p>The case has drawn global interest. The Netherlands, where Uber has its European headquarters, Finland, Poland, Greece and the European Free Trade Association (EFTA) have submitted written observations that tend to support Uber.</p><p>Spain, France and Ireland in their submissions however say Uber is a transport service. A grand chamber of 15 judges will hear the arguments, with more than 200 participants signed up for the hearing.</p><p><a href="http://www.nytimes.com/2016/11/27/technology/uber-europe-court-ecj.html?smprod=nytcore-ipad&amp;smid=nytcore-ipad-share&amp;_r=0">The New York Times reports that</a> the court is expected to rule in March 2017 at the earliest. </p><p>Meanwhile, the European Commission is trying to boost e-commerce, a sector where the EU lags behind Asia and the United States, to drive economic growth and create jobs - efforts that could be severely hampered if the ECJ rules against Uber and the app economy more broadly.</p>

Uber is going to Europe's top court for a fight that could have huge implications for the app economy

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;ALID=2C0FQE91MOYQ#/SearchResult&amp;ALID=2C0FQE91MOYQ&amp;VBID=2C0FC0JIL70R&amp;POPUPPN=12&amp;POPUPIID=2C0FQE9S6X4C">Reuters/Cathal McNaughton</a></span></p><p class="caption">The Taj Mahal is reflected in a puddle in Agra, India.</p></div><p></p></div></div>Here is what you need to know.</p><p><strong><a href="http://www.businessinsider.com/r-brazil-senate-votes-to-indict-rousseff-put-her-on-trial-2016-8">Brazil's president is headed to trial</a>.</strong> In a 59 to 21 vote, Brazil's Senate voted to i<span>ndict president Dilma Rousseff on charges of breaking budget laws. The outcome means Rousseff will face an impeachment trial, likely at the end of the month, where a two-thirds vote will be needed for her conviction, Reuters reports. </span></p><p><strong><a href="http://www.businessinsider.com/niesr-research-on-uk-gdp-2016-8?r=UK&amp;IR=T">The UK economy is slowing down after the Brexit vote</a>.</strong> That's according to <span>the latest numbers from the National Institute of Economic and Social Research (NIESR), which shows <span>growth in the UK was 0.3% in the three months up to the end of July, compared with 0.6% growth in the three months to the end of June. The UK's vote to leave the European Union was held on June 23. </span></span></p><p><strong><a href="http://www.businessinsider.com/brexit-article-50-theresa-may-britain-2016-8?r=UK&amp;IR=T">Norway could block Brexit</a>.</strong> Norway's <span>European affairs minister, Elizabeth Vik Aspaker, said her government could block the UK from trying to rejoin the single market, as it's not in her country's best interest. Vik Aspaker suggested letting the UK join the <span>European Free Trade Association (EFTA) would "shift the balance," and would force Norway to renegotiate a bunch of trade agreements. </span></span></p><p><strong><a href="http://www.japantimes.co.jp/news/2016/08/10/business/economy-business/japans-june-core-machinery-orders-log-first-rise-three-months/#.V6r5dZMrKMI">Japan's core machinery orders rise for the first time in 3 months.</a> </strong>Orders rose a seasonally adjusted 8.3% month-over-month in June, easily surpassing the 3.4% gain that economists had forecast. Despite the big jump, the government says the sector remains "at a standstill." The Japanese yen is stronger by 0.6% at 101.26 per dollar.</p><p><strong><a href="http://www.businessinsider.com/disney-reports-fiscal-third-quarter-earnings-2016-8">Disney topped estimates</a>. </strong>The entertainment giant earned an adjusted $1.62 on revenue of $14.3 billion. Disney announced it bought $1 billion<span> minority stake in BAMTech, a video-streaming company previously formed by Major League Baseball. CEO Bob Iger says the acquisition will help<span> bring the sports network's content over the top on the internet.</span></span></p><p><strong><a href="http://www.businessinsider.com/yelp-2q-earnings-2016-8">Yelp posted a surprise profit</a>. </strong>The online review aggregator earned an adjusted $0.01 per share, easily beating the $0.07 loss that analysts were expecting. Revenue of <span>$173.4 topped the $169.8 million that was anticipated. "<span>We had a great second quarter with local revenue growth accelerating to 41% year over year," said Yelp CEO </span><span>Jeremy Stoppelman in the earnings release. </span></span></p><p><strong><a href="http://www.reuters.com/article/idUSFWN1AQ0U7">SolarCity's loss widened</a>.</strong> The company lost $0.56 per share, more than double the $0.23 loss from a year ago. Taking into account one-time adjustments, non-GAAP, SolarCity's loss grew to $2.32, but that was ahead of the $2.44 loss analysts were expecting. Revenue surged 81% to $185.8 million, easily beating the Wall Street consensus of $146 million.</p><p><strong>Stock markets around the world are mostly lower. </strong>China's Shanghai Composite (-0.2%) led the losses in Asia and Germany's DAX (-0.5%) paces the decline in Europe. S&amp;P 500 futures are up 1.50 points at 2,179.00.</p><p><strong>Earnings reporting slows. </strong>Michael Kors, Ralph Lauren, and Wendy's Co. report ahead of the opening bell and Shake Shack releases its quarterly results after markets close.</p><p><strong>US economic data is light. </strong>JOLTs Job Openings will be released at 10 a.m. ET and crude oil inventories will cross the wires at 10:30 a.m. ET. The US 10-year yield is down 1 basis point at 1.54%.</p>

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