To conclude, EU proponents state that added to this, the people movement and visa were less restricted to the nations. This created more trade in tourism. After the UK joined EU, the companies within the European Union were able to compete and produce competitive pricing in the markets. There is a significant trade diversion level that needs to be construed. Owing to this, the proponents of EU argue that there is the creation of more competition. This increase in competition does not benefit the member nations in EU. Apart from this, it advocated for the growth of the EU and made the members of the EU strong. The stronger the EU, the stronger players they are in the world markets. The actions of Brexit also made the foreign investors develop apprehensive attitude regarding the people ideology. The loss of intangible could also lead to less capital inflow into the state. The aim of the Brexit was to remove Britain from the single market and enter into free market. This was primarily an ideological battle. However, the proponents of Brexit state that this would create a homogenous entity of Europe and the original distinction of UK would be lost. There is the emotional aspect of losing identity that was considered. They considered this development to be detrimental to the people. In reality, there are many economic estimates that each ideology states would happen as a result of Brexit. The actual implications are yet to be known.
The customs union ensures that EU member states all charge the same import duties to countries outside the EU. It allows member states to trade freely with each other, without burdensome customs checks at borders, but it limits their freedom to strike their own trade deals.
It is different from a free trade area. In a free trade area, no tariffs, taxes or quotas are charged on goods and services moving within the area, but members are free to strike their own external trade deals.
The single market is a very different beast – it is not just about the trade in goods. It allows the free movement of people, money and services as if the EU was a single country.