The UK and Japan reached a “substantial agreement” on a proposed post-Brexit free trade deal in hopes of finalising a deal by the end of August.
Britain’s international trade secretary Lizz Truss, who met with Japan’s foreign minister Toshimitsu Motegi in London, said that the negotiations were “positive and productive.”
While the specifics of the deal have not been revealed, the draft is thought to offer the UK tariff-free exports on products such as luxury leather goods as well as a “consensus” on extending Japan’s current trade standards with the EU in digital and financial services.
Since leaving the EU on 31 January, the UK has been negotiating its own trade agreements with global economic powerhouses, including the United States.
Clinching a deal with Japan is very important for the UK, as the country is a major investor in British industries, particularly manufacturing and consumer electronics.
If agreed, it will be the largest deal for the UK yet as Boris Johnson’s government prepares for the end of the Brexit transition period on 31 December.
The total value of UK-Japan bilateral trade in 2019 was £31.6bn ($42bn), a post-Brexit deal could help increase the UK's trade with Japan by about £15bn a year.
If there is no agreement by the end of the Brexit transition period, the UK-Japanese trade will default to World Trade Organisation rules — which could result in significant tariffs on imports and exports and other trade obstacles.
Japan is the UK’s fourth largest trade partner outside of the EU with 9,500 UK-based businesses exporting goods to the country in 2019.
Britain is also negotiating several other bilateral trade deals and is prioritising talks with the EU, Australia, New Zealand, US as well as Japan.
PeKaatjeAnkeveen, North Holland Netherlands6,334 posts
Well, I said so many months before the Brexit was a fact. The UK can have any trade deals they like without an agreement of the European Leaders. Really, I hope the UK will be the big winner in the end and that the Netherlands will follow. And there are several parties in the Netherlands that want a Nexit, like Geert Wilders and Thierry Baudet. I guess the next elections coming year are to early, but 4 years later, when the UK is doing great and we are still recovering from covid 19, paying for the dispicable situations in Italy, Spain and Portugal, maybe the eyes of other dutchies will open and they will vote for the right choice. I really hope so, for I don't believe in the EU BS.
(1:53) Is this the day that will go down in history as the day that a real and proper Brexit was born? In case you haven’t heard, the Brexit talks have totally collapsed. The two chief negotiators have been forced to agree to halt the Brexit negotiations and have released the following joint statement: “After one week of intensive negotiations in London, the two Chief Negotiators agreed today that the conditions for an agreement have not been met, due to significant divergences on level playing field, governance and fisheries. “On this basis, they agreed to pause the talks in order to brief their principals on the state of play of the negotiations. “President von der Leyen and Prime Minister Johnson will discuss the state of play tomorrow afternoon.” This means that without a massive change to one or both sides’ negotiating mandates for Lord David Frost and/or Michel Barnier, then these talks can surely go no further. It’s ended. Now all that is required is for both sides, via tomorrow’s conversation between Boris Johnson and Ursula von der Leyen, to agree jointly that the talks are at an end with a no deal outcome - and also to apportion no blame. Both sides need to be seen as blameless so we can start afresh in the New Year. Although we all know the EU was the one at fault, don’t we?
#JeffTayor Of The #UK #Brexit #BrexitTalksCollapse #BrexitNegotiations
(1:53) Is this the day that will go down in history as the day that a real and proper Brexit was born? In case you haven’t heard, the Brexit talks have totally collapsed. The two chief negotiators have been forced to agree to halt the Brexit negotiations and have released the following joint statement: “After one week of intensive negotiations in London, the two Chief Negotiators agreed today that the conditions for an agreement have not been met, due to significant divergences on level playing field, governance and fisheries. “On this basis, they agreed to pause the talks in order to brief their principals on the state of play of the negotiations. “President von der Leyen and Prime Minister Johnson will discuss the state of play tomorrow afternoon.” This means that without a massive change to one or both sides’ negotiating mandates for Lord David Frost and/or Michel Barnier, then these talks can surely go no further. It’s ended. Now all that is required is for both sides, via tomorrow’s conversation between Boris Johnson and Ursula von der Leyen, to agree jointly that the talks are at an end with a no deal outcome - and also to apportion no blame. Both sides need to be seen as blameless so we can start afresh in the New Year. Although we all know the EU was the one at fault, don’t we?
#JeffTayor Of The #UK #Brexit #BrexitTalksCollapse #BrexitNegotiations
tomcatty: The UK and Japan reached a “substantial agreement” on a proposed post-Brexit free trade deal in hopes of finalising a deal by the end of August.
Britain’s international trade secretary Lizz Truss, who met with Japan’s foreign minister Toshimitsu Motegi in London, said that the negotiations were “positive and productive.”
While the specifics of the deal have not been revealed, the draft is thought to offer the UK tariff-free exports on products such as luxury leather goods as well as a “consensus” on extending Japan’s current trade standards with the EU in digital and financial services.
Since leaving the EU on 31 January, the UK has been negotiating its own trade agreements with global economic powerhouses, including the United States.
Clinching a deal with Japan is very important for the UK, as the country is a major investor in British industries, particularly manufacturing and consumer electronics.
If agreed, it will be the largest deal for the UK yet as Boris Johnson’s government prepares for the end of the Brexit transition period on 31 December.
The total value of UK-Japan bilateral trade in 2019 was £31.6bn ($42bn), a post-Brexit deal could help increase the UK's trade with Japan by about £15bn a year.
If there is no agreement by the end of the Brexit transition period, the UK-Japanese trade will default to World Trade Organisation rules — which could result in significant tariffs on imports and exports and other trade obstacles.
Japan is the UK’s fourth largest trade partner outside of the EU with 9,500 UK-based businesses exporting goods to the country in 2019.
Britain is also negotiating several other bilateral trade deals and is prioritising talks with the EU, Australia, New Zealand, US as well as Japan.
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The UK and Japan reached a “substantial agreement” on a proposed post-Brexit free trade deal in hopes of finalising a deal by the end of August.
Britain’s international trade secretary Lizz Truss, who met with Japan’s foreign minister Toshimitsu Motegi in London, said that the negotiations were “positive and productive.”
While the specifics of the deal have not been revealed, the draft is thought to offer the UK tariff-free exports on products such as luxury leather goods as well as a “consensus” on extending Japan’s current trade standards with the EU in digital and financial services.
Since leaving the EU on 31 January, the UK has been negotiating its own trade agreements with global economic powerhouses, including the United States.
Clinching a deal with Japan is very important for the UK, as the country is a major investor in British industries, particularly manufacturing and consumer electronics.
If agreed, it will be the largest deal for the UK yet as Boris Johnson’s government prepares for the end of the Brexit transition period on 31 December.
The total value of UK-Japan bilateral trade in 2019 was £31.6bn ($42bn), a post-Brexit deal could help increase the UK's trade with Japan by about £15bn a year.
If there is no agreement by the end of the Brexit transition period, the UK-Japanese trade will default to World Trade Organisation rules — which could result in significant tariffs on imports and exports and other trade obstacles.
Japan is the UK’s fourth largest trade partner outside of the EU with 9,500 UK-based businesses exporting goods to the country in 2019.
Britain is also negotiating several other bilateral trade deals and is prioritising talks with the EU, Australia, New Zealand, US as well as Japan.