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12/10/ · On 11th September, the UK-Japan trade deal was announced to come into effect at the beginning of It was called a ‘historic moment’ by the British government as it was the first major trade deal for the UK as an independent nation after the announcement of the UK leaving the wahre-wahrheit.deted Reading Time: 7 mins. 30/11/ · The UK recently agreed a new deal with Japan, which will govern trade between the two countries from , once the UK is not bound by the EU-Japan deal which came into Estimated Reading Time: 4 mins. 11/09/ · Key points of the Japan-UK trade deal: Secures an estimated £ billion of trade with Japan, over time, accounting for % of the UK’s GDP (dependant on deal or no-deal) However, Department for Trade analysis shows that in , the EU-UK trade was worth £ billion, while trade with Japan was worth £ billionEstimated Reading Time: 5 mins. 11/09/ · The UK and Japan have agreed a free trade deal, as Britain races to secure easy access to overseas markets in preparation for leaving the Brexit transition period at Estimated Reading Time: 5 mins.
The UK-Japan deal is the first after Brexit began earlier this year and is important for both countries as they try to shore up their financial centers in a fracturing geopolitical environment. For the UK, and particularly for the City of London, this deal is important. The financial centers of London and Tokyo already have strong trade links. While much has been made of the fact that trade between the UK and Japan only accounts for 0.
Crucially, the deal will ensure the UK has a smooth transition from the EU-Japan FTA post Brexit. Perhaps more significantly, it signals how the UK government is thinking about the City as a global financial center, doubling down on its long-standing strength as a bridge between East and West. Threatening these would be bad news for the UK economy, but given the global economic context the hope will be that this deal creates fertile soil for significant growth.
While markets are an important engine for its economy, the Japanese financial ecosystem remains relatively isolated, with other regional finance centers growing faster. Smooth trading relationships with London in a post Brexit landscape will grease the wheels. Perhaps most significant for the global financial community are the digital and data provisions of the trade deal.
While these may seem esoteric, they have far reaching consequences. Data localization initiatives have been emerging in several countries under nationalistic impulses to protect or kick-start modern data economies — this is a challenge for financial services regulatory compliance and transparency.
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Trade is a powerful way to deliver the things people really care about. At its heart, this deal is about creating opportunity and prosperity for all parts of our United Kingdom and driving the economic growth we need to overcome the challenges of coronavirus. The agreement also has a much wider strategic significance. It opens a clear pathway to membership of the Comprehensive Trans-Pacific Partnership — which will open new opportunities for British business and boost our economic security — and strengthens ties with a like-minded democracy, key ally and major investor in Britain.
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We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info. Prime Minister Boris Johnson and his Australian counterpart Scott Morrison signed off the in-principle agreement on Monday evening.
The deal will eliminate tariffs on UK goods, but with a year transition period and quotas. Liberalisation of some products, such as cheese, will be staged to help the agriculture markets transition. Cheese is something Ms Truss holds dearly and in a recent column, Flora Hutchings, head of external affairs at Best for Britain, explained why the International Trade Secretary is right to do so. In October, Ms Truss presented Japanese foreign minister Toshimitsu Motegi with a jar of British Stilton cheese to go along with the signing of the UK.
Back in , Ms Truss gave an infamous speech to the Conservative Party Conference in which she highlighted the „disgrace“ of Britain importing two-thirds of its cheese.
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On 11th September, the UK-Japan trade deal was announced to come into effect at the beginning of But what does the trade agreement between the two nations consist of and how will it build a bridge between them? Japan currently has the third-largest economy in the world. Japan has historically been not very active in international free trade talks , however, since its EU agreement last year, and with it leading the negotiations to salvage the Comprehensive Progressive Agreement for Trans-Pacific Partnership CPTPP thanks to the US pulling out, things have certainly started to change.
The UK-Japan trade deal is an important milestone for UK businesses who are eager to have certainty around future trade relationships between the two nations. The sectors that are set to benefit are the textile, food and drink, automotive, and the services industry. While the UK wanted to convince Japan to further open up the agricultural sector, that was considered a bridge too far for Japan.
The UK-Japan trade agreement also ensures additional benefits beyond the EU and Japan trade agreement, giving UK companies a competitive advantage in a number of areas. It also agrees to ban data localisation, allowing data to flow freely between the two countries and provides a better market to Japan for UK financial services and vice versa with Japanese tech services, a benefit to both nations.
Another benefit the trade deal offers the UK is potential accession to the CPTPP; a free trade agreement between Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The trade deal with Japan would be stepping stone for the UK to be considered as another nation for this agreement.
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These estimated benefits are relative to when the UK as part of the EU had no FTA with Japan. Last week the government announced that the UK and Japan had secured a free trade agreement FTA , the first major trade deal made by the UK since it left the EU. That agreement came into force in February , and, among other things, reduced tariffs on agricultural goods and helped EU companies access procurement markets in Japan.
There is uncertainty around each estimate. A fuller impact assessment of the new UK-Japan deal is expected to be published when the agreement is brought to parliament. We have approached DIT for comment on why the old deal we currently operate under was estimated to bring more economic benefit than the new deal. News this year has fractured communities, and caused confusion and panic for many of us. No one can control what will happen next. But you can support a debate based on fair, accurate and transparent information.
As independent, impartial fact checkers, we rely on individuals like you to ensure the most dangerously false inaccuracies can be called out and challenged. Bad information ruins lives. You deserve better. Our verdict These estimated benefits are relative to when the UK as part of the EU had no FTA with Japan.
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The short answer is no. For UK firms trading with Japan this is treading water, not some kind of surge forward into unexplored oceans. If progress is ultra-flexibly defined as not going backwards this agreement just about qualifies. And when one considers that 0. If the government is serious about concluding a free trade deal with the EU by the end of the year, as ministers insist, this is a bizarre way of showing it, to put it mildly.
Many in Europe wonder if this was actually an attempt by Downing Street to sabotage those talks by provoking the EU to walk away. This trade deal with Japan is, in some ways, a relief. There are far larger matters at stake. Join thought-provoking conversations, follow other Independent readers and see their replies. Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Recommended Japan trade deal: UK signs first post-Brexit agreement. More about Department for International Trade Brexit Japan trade deal.
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16/09/ · Regional tensions and a fractured geopolitical environment make the UK-Japan deal important to Tokyo’s standing as a global financial center. Warren Buffett’s move into Japan’s five biggest trading houses, could be seen as an important first step towards more outside investment in Japan’s financial markets infrastructure. Smooth trading relationships with London in a post Brexit landscape will grease the wheels. Digital and data provisions of the trade dealEstimated Reading Time: 5 mins. The deal is not expected to improve on the percent increase (some £ billion over the long term) to British GDP from the agreement forecast by the government. But it will increase trade with Japan by about £ billion. Although Japan makes up 2 percent of British trade, there is still lots to be thankful for in the agreement, experts said.
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