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UK, Japan aim for 'ambitious' trade deal

28 Comments
By Tim Kelly

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28 Comments
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I highly doubt the UK will get the better end of this deal.

0 ( +11 / -11 )

Please continue Reckless and tell us all about the deal.

-3 ( +5 / -8 )

UK is on its knees and not much to offer except sarcasm and a bad attitude.

2 ( +12 / -10 )

Good for both sides.

-1 ( +6 / -7 )

Britain's hurry to tie up new trade agreements could be to Japan's advantage, as it seeks to secure better terms.

"Could be" is an understatement. Britain badly needs both the terms, so that it can get the same conditions that its EU competitors are getting, and the visuals of quickly signing trade agreements with other countries.

Britain will have to do a lot of work simply to get back everything it is losing under the EU agreement with Japan. It probably won't succeed.

And Britain really isn't in a great position. The EU has 36 trade agreements, covering 60 countries. For Britain, those accounted for 15% of imports and exports in 2015. Britain also needs an agreement with the EU itself.

And for those who think that Britain, now that it's liberated, could get even better deals with these countries that it had under the EU, I suggest looking up the term "most favoured nation clause".

4 ( +10 / -6 )

Japan is really basing a trade deal on its food fro Fukushima?

Not likely, but it seems so in the article.

6 ( +6 / -0 )

I highly doubt the UK will get the better end of this deal.

Possibly, Reckless, but there are quite a few remainers here, not to mention Scots and Irish, who would like to see England, and only England, fail.

4 ( +8 / -4 )

Possibly, Reckless, but there are quite a few remainers here, not to mention Scots and Irish, who would like to see England, and only England, fail.

And yet, nobody here has said such a thing.

Why make false statements?

If anything, people have wished the UK well and only asked that Scotland and the occupied 6 counties can leave the Union.

0 ( +4 / -4 )

Japan has trade agreements with  Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam through the CPTPP, also known as TPP11. Japan has a free trade agreement with ASEAN countries including Indonesia, Malaysia, Vietnam, and Thailand. Japan has a Economic Partnership Agreement with India. Since 2012, Japan has been negotiating a free trade agreement with China and South Korea. The negotiations are continuing. Japan has a trade pact with the EU, the Economic Partnership Agreement. The U.S.-Japan Trade Agreement (USJTA) took effect on January 1, 2020.

On the other hand, the UK has trade agreements with powerhouse economies such as Antigua and Barbuda, The Bahamas, Barbados, Belize, Cuba, Dominica, Dominican Republic, Grenada, Guyana, Haiti, Jamaica, St. Kitts and Nevis, Saint Lucia, St. Vincent and the Grenadines, Suriname, and Trinidad and Tobago, Colombia, Ecuador, Peru, Fiji, Papua New Guinea, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Chile, Madagascar, Mauritius, Seychelles, Zimbabwe, the Faroe Islands (population 51,000), Georgia, Iceland, Norway, Israel, Jordan, Kosovo, Lebanon, Liechtenstein, Morocco, Palestinian Authority, Botswana, Eswatini, Lesotho, Namibia, South Africa, Mozambique, Switzerland, and Tunisia. The UK's only significant trade agreement is with South Korea.

The UK is over a barrel. The US, Japan, China, etc can demand the terms they want because the UK has only one trade agreement of any significance and so is desperate.

5 ( +9 / -4 )

Britain's hurry to tie up new trade agreements could be to Japan's advantage, as it seeks to secure better terms.

Both countries have debt-fuelled economies (Japan public, UK private) and they can't just make money selling to each other. They'll need to work out how to create a strategy to sell things to the EU and America, but the US has said it's going to crack down on its trade deficit with Japan and its unlikely the UK will get a good deal with the EU for manufacturing if it continues to play games. The UK certainly won't get a good deal with the US either and its current trade surplus will quite likely be cut down to a deficit, or at least cancelled out.

The only thing Japan and the UK can work together on is weapon systems and unfortunately the UK has been very eager to promote collaboration in this area.

3 ( +4 / -1 )

The UK has a lot going for it regarding food export to Japan but the other way?

I would be Skeptical....

3 ( +5 / -2 )

This year is where the rubber of Brexit hits the road of reality.

As wipeout says, most favoured nation clauses will restrict what terms Japan can offer other trading partners. These negotiations between the UK and Japan will be held in the wiggle room left by the EU-Japan trade deal. There is no blank slate.

Even if a blank sheet of paper were assumed, it is naive to think trade talks between UK (70 million consumers) and Japan (125 million, nearly 1:2 in Japan's favour) would go as well as those between the EU (500 million consumers at the time) and Japan (125 million, 4:1 in the EU's favour). The UK and Japan do not have polar opposite strengths, so such trade will not be mutually beneficial to everyone in the two countries. There will be losers in some sectors.

2 ( +4 / -2 )

So, the UK is back to the 1950's and the age of bi-lateral trade agreements now that Brexit is done?

5 ( +6 / -1 )

Dominic Raab is on which tour? Choose one:

〇 The 'Grovel' tour.

〇 The 'Short end of the stick' tour.

〇 The 'Anything will do' tour.

0 ( +8 / -8 )

So, the UK is back to the 1950's and the age of bi-lateral trade agreements now that Brexit is done?

I don't think this ^ is proven yet.

Bilateral trade like what other countries has done in recent time is nothing like bilateral trade of the 50ties. Now it's more about the fit (into the global suppky chain and market place.

Unfortunately what the UK can offer Japan is already offered by other nations, possibly more efficiently. Whereas what Japan can offer the UK isxa very good fit for its high value added economy.

IMHO, this deal is going to be a long drawnout process.

3 ( +3 / -0 )

Already, England is home to a sizeable Japanese population conducting trade very efficiently...

4 ( +6 / -2 )

We have too much in common, too much at stake for politics to trump the mutual economic self interest

In that case, find a time machine, go back to 2016, and share this insightful remark with Johnson, Gove, and co.

2 ( +4 / -2 )

Hopefully we'll see some great British food in the supermarkets here at a reasonable price! That would be great! I'm already thinking cheese and sausages! Yes please!

0 ( +6 / -6 )

The UK and Japan can make a trade deal without having EU bureaucrats involved. And that is the way it should be.

There is no need for Japan to become a member of the EU to trade with the UK, and vice versa.

-2 ( +7 / -9 )

Japan has a trade agreement with the larger trading block of 500 million people with the EU so anything agreed with the UK will be much smaller in scale.

Trade between the UK and Japan is worth around 28 billion pounds a year. Japan is the UK 11th largest market.

5 ( +6 / -1 )

Possibly, Reckless, but there are quite a few remainers here, not to mention Scots and Irish, who would like to see England, and only England, fail.

I don’t know about here, but I have come across those types. I was a reluctant remainer but the childishness of some who’d like to see England suffer because of Brexit is idiotic spite.

My biggest worry is the Tories shaping post-Brexit Britain. It isn’t going to pretty for the less well-off with these dogs off the leash.

-1 ( +2 / -3 )

Dominic Raab is a moron and would have trouble negotiating a glass of tepid water. The man who resigned as Brexit secretary in opposition to the Draft Withdrawal Agreement that he himself drew up and negotiated in the first place... he's a complete waste of oxygen.

2 ( +3 / -1 )

Hopefully we'll see some great British food in the supermarkets here at a reasonable price! That would be great! I'm already thinking cheese and sausages!

If you haven't seen them yet, when Britain has been able to trade under beneficial EU-Japan rules, what makes you imagine that a new trade deal would bring a flood of cheap British food? The deal that Japan did with the EU forbids giving better terms to other countries, unless those better terms are also made available to the EU.

And the idea that Britain has that kind of leverage in the first place is, like so much about Brexit, a fantasy. A shambling fool waving a kipper sums up so well what the next five years have in store for Britain.

3 ( +4 / -1 )

A shambling fool waving a kipper sums up so well what the next five years have in store for Britain.

Classic. Thanks for the chuckle.

1 ( +2 / -1 )

Japan should not rush into this kind of thing, as they often do, wanting to be first. It tends to backfire, and they'll be the first to fail as a result.

-2 ( +2 / -4 )

WilliB: "The UK and Japan can make a trade deal without having EU bureaucrats involved. And that is the way it should be."

And Japan should stop asking to be an exception all the time when it DOES deal with other nations, as with the UK, Iran, and constantly with the US. And you watch, the EU is going to be harsh with nations that make special deals with the UK that undermine it, and Japan will turn around and ask to be an exception.

0 ( +3 / -3 )

Delighted to see all the many bitter doom and gloom comments from the remoaners. Looking forward to when they're proven wrong and the UK finally prospers.

-1 ( +0 / -1 )

Unfortunately what the UK can offer Japan is already offered by other nations

Mature cheddar. Crumpets. Scotch.

Only the UK can offer these things.

I do hope Japan takes them up on that offer - assuming CCS is on offer. (Though I'm not too pleased at the prospect of family back in the UK being fed glow-in-the-dark sushi in return...)

0 ( +0 / -0 )

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