According to Virgin Islands (VI), Premier and Minister of Finance, Hon Andrew A. Fahie (R1) BREXIT means is that the UK will no longer fully participate in the economic, social, political and legal arrangements of the EU, which it has done for the past four decades. Photo: VINO/File

Pro-EU campaigners take part in a "Missing EU Already" rally outside the Scottish Parliament. Photo: BBC/PA Media

Over in the UK, British Prime Minister Boris de Pfeffel Johnson vowed to bring the country together and take it forward under BREXIT. Photo: BBC.

At 6:00pm Atlantic Standard Time on January, 31, 2020, the United Kingdom (UK) officially exited the European Union (EU) after 46 years of membership more than three years after it voted to do so in a referendum. Photo: Internet Source

Brexit supporters held a party in the UK Parliament Square. Photo: Getty Images

According to Virgin Islands (VI), Premier and Minister of Finance, Hon Andrew A. Fahie (R1) what this means is that the UK will no longer fully participate in the economic, social, political and legal arrangements of the EU, which it has done for the past four decades.

UK will exercise more independence  

"The UK Government will now be able to fully exercise its independence in making decisions for the UK across all critical areas of national life. This is a most important development globally, but also has implications here at home," he said. 

Over in the UK, British Prime Minister Boris de Pfeffel Johnson vowed to bring the country together and "take us forward".

In a message released on social media an hour before the UK's departure, the Johnson said, "For many people, this is an astonishing moment of hope, a moment they thought would never come."

He said while many will feel a sense of anxiety and loss, some had worried the political "wrangle" would not end but it was his job to take the country forward. 

VI travel privileges unaffected for now 

Premier Fahie said by virtue of the UK’s membership in the EU, persons who hold UK passports, including BVIslanders had enjoyed the benefit of visa-free travel to the European Schengen Area and the ability to work, study and do business in the EU without restriction.

"However, these privileges are now up for negotiation as the UK and EU begin negotiations on their future relationship that will conclude by the end of the year," Hon Fahie noted.

He said that holders of British Overseas Territories passports, however, fall under a different visa-free travel regime to the EU Schengen Area that is unaffected by Brexit.

Outside of that, Premier Fahie underscored that the implications of Brexit on the BVI will extend to international relations and development cooperation.

"Politically, the BVI has enjoyed Associate Status in the EU as one of the Overseas Countries and Territories (OCTs) directly associated with the bloc. Our Associate Status has entitled us to EU funding with which to tackle issues such as climate change, sustainable energy and marine biodiversity; and also recovery after Hurricanes Irma and Maria." 

EU funding cuts 

As such, key EU finding will now be on the chopping block of benefits the VI will lose as part of the UK exit arrangement. An exampled of this according to the Premier in that in early days, EU funds helped to build elements of the H. Lavity Stoutt Community College (HLSCC).

"After January 31st, 2020, we lose our Associate Status in the EU and will have no access to the next round of EU funding earmarked for the French, Dutch and Danish Territories we leave behind. This is very unfortunate since the BVI is eligible for little other development assistance." 

He said regarding the exit, and on an immediate basis, there will be no changes to travel, study, business, work and funding arrangements before the end of this year.

From February 1, 2020, to December 31, an implementation period between the UK and the EU will come into force during which time things remain the same while the two parties negotiate the terms on which a new relationship will work.

Retaining EU benefits 

Premier Fahie said ahead of that arrangement, discussions were held with the UK Minister for the Overseas Territories and other OT Leaders to get clarifications and assurances on the implementation period and upcoming UK consultations with the Overseas Territories on their priorities for negotiations with the EU.

"It has been made clear to the UK that the BVI wishes to retain as many of the benefits and privileges that we currently enjoy with the EU, including visa-free travel and tariff and quota-free trade, among other things," Hon Fahie assured as part of his statements. 

He said to replace the loss of EU funding, the VI Government has officially recommended to the UK that it create a Sustainable Development Fund for all Overseas Territories.

According to Premier Fahie, the fund is one that will cover climate change, biodiversity and sustainable energy projects. "This is particularly important since the BVI is not eligible for funds elsewhere," he said.