by Xinhua writer Jiang Li
BEIJING, Feb. 1 (Xinhua) -- With Union Jack flags unfurling at London's Parliament Square and British prime minister's promise of "the dawn of a new era," Britain on Friday officially became the first European Union (EU) member to leave the bloc after more than three and a half years of protracted and laborious bargaining and deal-making.
In every sense, Brexit opened a new chapter in the history of Britain, in which the country's relationship with the EU and the rest of the world will be rewritten.
It was quite emotional just two days ago when the European Parliament voted to ratify the withdrawal agreement and bid farewell to the outgoing member with a chorus of "Auld Lang Syne," a traditional Scottish song about long-lasting friendship. But the divorce is indeed costly for both sides, particularly in economic terms.
For the EU, Britain was not any member. As the second biggest net contributor to the EU's budget, its departure will leave a 12-billion-euro (about 13 billion U.S. dollars) hole in the EU's finances from 2021, according to the bloc's budget commission.
Besides, as Britain represents the largest 43.1 percent of global turnover from foreign exchange trading, with London being "the only place" where top 20 insurance and re-insurance firms are active -- according to a latest report by the City of London Corporation -- Brexit has left huge uncertainties for businesses within the EU.
On the other hand, the EU is Britain's largest trading partner. The bloc accounted for 45 percent of Britain's exports and 53 percent of imports in 2018, said a briefing paper of House of Commons Library released in December.
Departing from the EU does not mean that Brexit has been done. The remaining job, notably free trade talks, during the transition period is only more arduous. The most perplexing thing is that no one knows what a completed Brexit would look like.
To make sure the story of Brexit has a happy ending, the EU and Britain need not only to deal with each other more constructively, but also to embrace a more globalized vision to partner with other countries or regions in post-Brexit days.
Britain has been growing trade ties with more and more developing countries. For example, Britain has been stepping up its effort to look for investment and trade opportunities in Africa, as evident in the first ever UK-Africa Investment Summit hosted by London last week.
China, a close partner for both the EU and Britain on trade and global affairs, hopes to see a smooth and productive transition period for the two sides in the months to come, as arrangements to eventually settle the Brexit are not only critical to the future relations between the EU and Britain, but also have a bearing on the stability and prosperity of the whole world.
Like it or not, Brexit is now a fact. To get the most out of it, Britain and the EU need to follow through with hardened resolve and improved efficiency as more tough nuts have to be cracked in the transition period. Otherwise, Brexit would go down in history as the dawn of a more divisive, chaotic era for both.
