Britain signs major Free Trade Agreement (FTA) with Japan

https://www.bbc.com/news/business-54116606

Britain signs major Free Trade Agreement (FTA) with Japan

The world's 5th largest economy (Britain) has signed a major FTA with the world's 3rd largest economy (Japan)

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Secretary of State for International Trade Liz Truss speaking to Japan"s Minister for Foreign Affairs Toshimitsu Motegi at the Department for International Trade

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Originally Posted by BBC News

The UK has struck its first major post-Brexit trade pact after signing a deal with Japan that aims to boost trade between the countries by about £15bn.

International Trade Secretary Liz Truss said it was a "historic moment".

She said it would bring "new wins" for British businesses in manufacturing, food and drink, and tech industries.

Critics said while the deal may be of symbolic importance it would boost UK GDP by only 0.07%, a fraction of the trade that could be lost with the EU.

Friday's deal still needs approval by Japan's parliament, which the country's Foreign Minister Toshimitsu Motegi forecast would be passed by January.

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Originally Posted by BBC News

Ms Truss said the UK-Japan Comprehensive Economic Partnership Agreement means 99% of exports to Japan will be tariff-free.

"The agreement we have negotiated - in record time and in challenging circumstances - goes far beyond the existing EU deal, as it secures new wins for British businesses in our great manufacturing, food and drink, and tech industries," she said.

"From our automotive workers in Wales to our shoemakers in the North of England, this deal will help build back better as we create new opportunities for people throughout the whole of the UK and help level up our country."

She added that, strategically, the deal was an important step towards joining the Trans-Pacific Partnership and placing Britain at the centre of a network of free trade agreements.

Major Japanese investors in the UK such as Nissan and Hitachi would benefit from reduced tariffs on parts coming from Japan and streamlined regulatory procedures, the UK's trade department statement said.

Prime Minister Boris Johnson has said Brexit gives Britain the freedom to strike trade deals with other countries around the world.

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Just a start of course but this is a big one.

But how did we manage to do it [manage our own affairs] without Slovakia, Romania and Luxembourg!? Absolute mystery!

Thoughts?

literally a modified eu deal which better favours japan

Japan's Foreign Minister Toshimitsu Motegi said: "It was a very tough negotiation, but we reached the agreement in principle in about three months, at an unusually fast pace.

"While maintaining the high levels of access to the British market under the Japan-EU EPA, we improved our access to the British market on train cars and some auto parts."

But ultimately, this deal largely mirrors the agreement which already exists between the EU and Japan. And with trade with Japan accounting for just 2% of the UK's total, the expected boost to GDP of 0.07% over the long term is a tiny fraction of what might be lost from leaving the EU.

And there is good reason for Japan cooperating to ensure this deal was secured in record time. It stands to get the lions share, 80%, of the total estimated £15bn boost to trade for both countries.

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Originally Posted by dbgtz

literally a modified eu deal which better favours japan

Japan's Foreign Minister Toshimitsu Motegi said: "It was a very tough negotiation, but we reached the agreement in principle in about three months, at an unusually fast pace.

"While maintaining the high levels of access to the British market under the Japan-EU EPA, we improved our access to the British market on train cars and some auto parts."

But ultimately, this deal largely mirrors the agreement which already exists between the EU and Japan. And with trade with Japan accounting for just 2% of the UK's total, the expected boost to GDP of 0.07% over the long term is a tiny fraction of what might be lost from leaving the EU.

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I'm confused now though.

You said we got good deals as part of the EU because of its clout, now you're telling me we just got pretty much the same deal alone.

So the EU was as much use as a chocolate teapot in terms of clout when it came to negotiating better FTAs wasn't it.

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Originally Posted by dbgtz

And there is good reason for Japan cooperating to ensure this deal was secured in record time. It stands to get the lions share, 80%, of the total estimated £15bn boost to trade for both countries.

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If this is true, and if its also true that this FTA is same as the EU deal, you're saying the EU signed us up to a shit deal that favoured Japan?

i mean its literally there that theyve got themselves a better deal. the only reason the eu-japan agreement was used as a base is because were already a part of it. ill reserve my full judgement when its released, but celebrating a deal with a country thats a tiny percentage of our gdp on the other side of the world while still having next to nothing with our largest trading partner is a failure of government, and the only thing we do have theyre now threatening to break the agreement they signed


btw i actually said it would happen that our trade deals would effectively mimic any agreement a country has with the eu due to the sheer size of it. this only strengthens the argument, unless you can prove to me this has got us substantially better terms once its published

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Originally Posted by dbgtz

i mean its literally there that theyve got themselves a better deal. the only reason the eu-japan agreement was used as a base is because were already a part of it. ill reserve my full judgement when its released, but celebrating a deal with a country thats a tiny percentage of our gdp on the other side of the world while still having next to nothing with our largest trading partner is a failure of government

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A failure of government? Are you saying the government should agree to any terms the EU demands in order to get an FTA?

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Originally Posted by dbgtz

and the only thing we do have theyre now threatening to break the agreement they signed

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If the EU wants the Withdrawal Agreement to stand then it's going to have to come to a sensible position regarding the FTA.

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Originally Posted by dbgtz

btw i actually said it would happen that our trade deals would effectively mimic any agreement a country has with the eu due to the sheer size of it. this only strengthens the argument, unless you can prove to me this has got us substantially better terms once its published

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If we can easily get FTAs that mimic already-agreed to EU FTAs, what was the drama about us not being able to secure FTAs alone/losing clout?

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Originally Posted by -:Undertaker:-

A failure of government? Are you saying the government should agree to any terms the EU demands in order to get an FTA?

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"the easiest deal in history" - liam fox
"There is no plan for no deal, because we’re going to get a great deal." - boris johnson
"We have four years more or less between now and date of next election. We can easily conclude a new settlement with EU in that period" - michael gove

either theyre lying or incompetent, you pick

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If the EU wants the Withdrawal Agreement to stand then it's going to have to come to a sensible position regarding the FTA.

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the WA is not dependent on there being a free trade agreement. we have already agreed to it and to not adhere to it is breaking the agreement - unless you can point me to the section where it will only be implemented if there is a FTA

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If we can easily get FTAs that mimic already-agreed to EU FTAs, what was the drama about us not being able to secure FTAs alone/losing clout?

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because its (likely) worse (ill be fair and hold reservations until its published) and also because we dont even have anything with the EU itself - also none of those agreements replace things like like freedom of movement, galileo, erasmus, and many other things beyond a simple fta

also fuck knows how much we will be sold down the river to the usa if boris ever gets the chance

FTA officially signed today.

This is the moment the UK signed its first trade deal as an independent trading nation #UKJapan 🤜🤛
🇬🇧🇯🇵 pic.twitter.com/g6PjQ8nvJJ

— Department for Business and Trade (@biztradegovuk) October 23, 2020

If you’re a fan of Japanese food and drink, the new UK-Japan trade deal is good news for you.

Here are some iconic Japanese products that are about to have import tariffs reduced. 👇

Find out more: https://t.co/LUUGb9qSlT#Japan #FTA #TradeDeal pic.twitter.com/YWhtHCsDdv

— Department for Business and Trade (@biztradegovuk) October 23, 2020

Watch a squirming Liz Truss be exposed for the liar that she is

Liz’s own dept did an assessment in Oct of her brand new UK/Japan deal:

Exports: £2.6bn
GDP £1.5bn

Her same dept did an assessment in 2018 of the EU/JPN deal:

Exports: £4.3bn
GDP: £2.6bn

pic.twitter.com/uFs5l1ctpt

— Marina Purkiss (@MarinaPurkiss) November 26, 2020