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Britain and Japan sign post-Brexit trade deal

  • 23-10-2020 11:46am
    #1
    CoronaBlocker
    Registered Users Posts: 247 ✭✭


    The UK has just signed its first trade deal since leaving the EU. This a positive first step. It's not simply a facsimile of the EU-Japan deal and is perhaps one that allows for much greater flexibility moving into the next decade both as a partner with Japan and as a roadmap for its deals with other nations. This also opens up a potential entry for Japan to the '5 Eyes' group, strategically placed as they are.

    How important is this for the UK, should the EU be concerned and should Ireland be watching carefully?

    https://www.bbc.com/news/business-54654814
    Tagged:


Comments

  • #2
    Wanderer78
    Registered Users Posts: 28,775 ✭✭✭✭Wanderer78


    Surprised at this, didn't think the Japanese would sign this, with the way things are turning out with the eu


  • #3
    CoronaBlocker
    Registered Users Posts: 247 ✭✭CoronaBlocker


    Wanderer78 wrote: »
    Surprised at this, didn't think the Japanese would sign this, with the way things are turning out with the eu

    Why? I don't believe there was an exclusivity clause, was there? Japan serves itself alone.


  • #4
    CJhaughey
    Registered Users Posts: 14,906 ✭✭✭✭CJhaughey


    CoronaBlocker wrote: »
    The UK has just signed its first trade deal since leaving the EU. This a positive first step. It's not simply a facsimile of the EU-Japan deal and is perhaps one that allows for much greater flexibility moving into the next decade both as a partner with Japan and as a roadmap for its deals with other nations. This also opens up a potential entry for Japan to the '5 Eyes' group, strategically placed as they are.

    How important is this for the UK, should the EU be concerned and should Ireland be watching carefully?

    https://www.bbc.com/news/business-54654814

    Any trade deal under WTO rules cannot favour one nation over another, basically the terms which Japan mutually agreed with the UK are the same as the ones which the EU trade treaty was negotiated under.
    Any subsequent alterations which are agreed with the UK must also be mirrored in EU/Japan trade deal.
    This is the reason that the EU are insistent about the UK's state aid rules in the negotiations.
    No chance that Japan will be joining the 5 eyes, not going to happen.


  • #5
    Wanderer78
    Registered Users Posts: 28,775 ✭✭✭✭Wanderer78


    CoronaBlocker wrote:
    Why? I don't believe there was an exclusivity clause, was there? Japan serves itself alone.

    The brits have been backing out of agreements with the eu, throughout the whole process of negotiations, I'm surprised the Japanese have committed


  • #6
    PommieBast
    Registered Users Posts: 2,552 ✭✭✭PommieBast


    When I read the proposals a while back I got the distinct impression that in practice it was worth a lot more to Japan than it was to the UK.


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  • #7
    CJhaughey
    Registered Users Posts: 14,906 ✭✭✭✭CJhaughey


    Japans trade with the UK is a fraction of the EU trade.
    8.3bn stg of exports
    But as they have so few trade treaties signed anything is a plus for them.
    Oh they signed one with Mongolia and the Ivory Coast lately as well.
    Ivory coast is about $89m and Mongolia $23m
    Ireland exports are worth about $28bn to the UK by comparison.
    The total EU export market was worth about £670Bn to the UK.


  • #8
    Wanderer78
    Registered Users Posts: 28,775 ✭✭✭✭Wanderer78


    CJhaughey wrote:
    Japans trade with the UK is a fraction of the EU trade. 8.3bn stg of exports But as they have so few trade treaties signed anything is a plus for them. Oh they signed one with Mongolia and the Ivory Coast lately as well. Ivory coast is about $89m and Mongolia $23m Ireland exports are worth about $28bn to the UK by comparison. The total EU export market was worth about £670Bn to the UK.


    Well on their way then!


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