Obama trusts Britain will make 'orderly transition' out of EU

Washington, June 25: US President Barack Obama said on Friday that he is confident Britain will make "an orderly transition" out of the European Union, after the British people voted in favour of leaving the bloc.

At the beginning of his speech at the closure of the 2016 Global Entrepreneurship Summit at Stanford University, Obama said a few words about Britain's exit, or "Brexit," from the EU.

The president noted that he has been in contact with British Prime Minister David Cameron and with Germany's Chancellor Angela Merkel to analyse the situation, EFE news agency reported.

"David has been an outstanding friend and partner on the global stage. Based on our conversation, I'm confident the UK is committed to an orderly transition out of the EU," the president said.

"We agreed that our economic and financial teams will remain in close contact as we remain focused on ensuring economic growth and financial stability," he said.

The president said the result of the referendum shows the "challenges" facing society today, but insisted that the United States "will not change" its economic and security relations with either Britain or the EU.

"I do think that yesterday's vote speaks to the ongoing changes and challenges that are raised by globalisation. But while the UK's relationship with the EU will change, one thing that will not change is the special relationship between our two nations. That will endure," Obama said.

The US president said that while Britain will continue to be an "indispensable" ally, NATO will remain a "cornerstone of our global security".

"Our shared values including our commitment to democracy and pluralism and opportunity for all people in a globalised world -- that will continue to unite all of us," Obama said.

IANS