Brexit: Britain votes to leave EU

The British people have voted to leave the EU after a historic referendum Thursday, and Britain now has to start negotiating with the EU on various regulations, tariffs and cross-border migration. Even if final results fail to come out, Britain will automatically exit the EU two years after the talks start.

British Prime Minister David Cameron said when Brexit is decided upon he will promptly tell the EU of the country's intention to leave. When Brexit documents are submitted, the EU Article 50 of the Lisbon Treaty on withdrawal from EU will be activated. BBC said unofficial talks will start to narrow differences and the Article 50 will be effectuated as early as late summer, adding the talks on Brexit and re-establishing Britain-EU relations will then start in earnest.

Based on Article 50, Britain has to promote negotiations on tariffs, regulations and cross-border migration with other EU member countries within two years. Various trade systems, including bilateral trade deals, the European Free Trade Association and the European Economic Area, are also expected to be discussed. There will also be a bitter tug of war over sensitive economic systems including tax exemptions and benefits applied to Britain when trading with the EU, and regulation simplifications. The treaty now has more than 80,000 pages after decades of Britain's membership, which will require difficult job of looking into all the details.

Though Brexit will be automatically settled after two years of talks, if Britain and the EU agree the talks can be extended and withdrawal can be postponed. Britain has to negotiate with all individual 27 countries, meaning the official Brexit could take five to 10 years from now.

If talks are prolonged, public sentiment in favor of another referendum could arouse due to change in political environment. Other EU countries could request massive exit costs to Britain, and if those who want Britain to remain in the EU win the 2020 general elections, the possibility of another referendum cannot be ruled out.

Once the Article 50 is effectuated, Britain can remain in the EU, only when the nation changes its mind to remain and all EU countries votes in favor for it.

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