The Department of Commerce and Business Studies, Jamia Millia Islamia (JMI) organized an online Extension Lecture on ‘World Affairs, US-China Trade War and Brexit’ on March 19, 2021. The lecture was organized to enable students to comprehend the development taking place in the global business world and has been attended by over100 participants including students, research scholars and faculty members.Prof N.U.K. Sherwani, Head, Department of Commerce and Business Studies, in his welcome address, presented an overview of the recent developments in the global business world and welcomed the expert, Prof. Anurag Singh and thanked Prof M. Altaf Khan for coordinating the event.Prof. Anurag Singh, Associate Dean (Academics) and Professor (Finance), at Jaipuria Institute of Management, Jaipur, explained the background for Brexit and plunged into the history, back to the days of World War II and discussed the events that followed and presented the backdrop of the political and economic position of the European Countries.
He discussed the concept of Common External Tariff (CET), its members, treaty and its economic implications and elaborated the timeline of events in Europe and other parts of world which led to the establishment of the European Regional Development Fund (ERDF), its function, benefits to citizens, trade implications within Europe, economic prospects of economically weaker members and touched upon Schengen Agreement.
Prof. Singh further explained the establishment of the European Union (EU) and the position of the UK in the EU as compared to the other members and proceeded towards the apprehensions and dissatisfactions in rural areas within the UK regarding staying with the EU.He discussed the positive disposition of Urban areas within the UK about the EU and summarised the referendum for BREXIT and the 3 options they could exercise post Brexit. He also discussed the major reasons for Brexit highlighting migration as a key reason. Following this, he explored the various implications of Brexit in the future.
Prof. Singh concluded the session by drawing a parallel with UK’s position in the EU to India’s similar position in SAARC. He explained how India is impacted due to Brexit and expressed the concerns of Big Indian Corporate Houses having a stake in the UK. He was delighted to answer the questions by enthusiastic students regarding implications of Brexit for Indian students willing to pursue higher education in Europe.The Lecture ended with a vote of thanks to the Vice Chancellor, the resource person, Dean, Faculty of Social Sciences, faculty members and the participating students for making it a grand event.