We are on the threshold of the most important negotiation for this country for a generation: David Davis

The British government is set to officially kick-start the process of exiting the European Union next week. A spokesperson for Downing Street confirmed that the process would commence on March 29, enabling the government to keep to its previously announced deadline of the end of March.

Britain would be the first country in the EU to trigger Article 50 — a section of the Lisbon Treaty that sets out how a member state could commence the process, with negotiations on the European side conducted by the Council, following consent of the European Parliament.

A country will cease to be a member of the EU two years after the triggering of Article 50 unless it reaches an agreement with the European Council to extend that period.

The triggering of Article 50 will take place after a crucial meeting of European heads of government in Rome over the weekend, for the 60th anniversary of the Rome Treaties at which leaders are expected to adopt a declaration on their vision for the future of the union.

Donald Tusk, the head of the European Council, said that within 48 hours of the triggering of Article 50, he would present draft guidelines to the remaining 27 member states. Britain has set out the parameters of what it hopes to negotiate in a white paper earlier this year, making it clear that it plans to end freedom of movement from the EU and would be willing to end its membership of the single market, and the European customs union to achieve this end.

Legislative challenge

While the two-clause Brexit bill that allowed the government to start exit talks may have passed through Parliament smoothly, the U.K. will face a “legislative challenge” with the reams of legislation that will be necessary, leaving little space for non-Brexit related legislation, the Institute for Government said in a report published on Monday. “Making a success of Brexit will require a large volume of legislation to be passed through Parliament against a hard deadline.” It estimates a total of 15 pieces of legislation, on top of the Great Repeal Bill, that would enshrine aspects of EU legislation that Britain wanted to retain into British laws ahead of Brexit taking place.

The announcement of the timing for triggering Article 50 is likely to offer markets and businesses, preparing for Britain’s exit, a degree of certainty.

“Its clear that the U.K. and the EU are now locked into the process... the ifs and buts and doubts have been put to one side, its going to happen,” said Manoj Ladwa, CEO of India Inc, and a former adviser to the electoral campaign of Prime Minister Narendra Modi.

“The question is now how prepared are the U.K. and the EU to have a strong and mature conversation which will result in a win win situation for people and businesses, and what Indian businesses want is certainty, clarity and ultimately that their voice is heard.”