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Trade Agreement Uk And Japan
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However, critics said it would only increase Britain`s GDP by 0.07%, a fraction of trade that could be lost with the EU. More importantly, the Chinese and U.S. markets are also politically fragile for Japan. Tokyo`s trade balance with China has fallen into the red, while it has a trade surplus with the United States. Meanwhile, the balance sheet between the EU and Japan is in an almost perfect balance – an indicator of healthy and sustainable economic relations. As the EU grows in strategic and economic importance for Japan, the coming years will be crucial for Tokyo to lay the groundwork for a new post-Brexit order. While it is necessary to choose between the European and British markets, Japan has made it clear that it will not choose the latter. Unfortunately for Britain, their interests are not Japan`s top priority. The ECONOMIC PARTNERSHIP AGREEMENT (EPA) between the EU and Japan, concluded in February 2018, ended decades of requests for voluntary export restrictions (VER), mainly on the European side, and removed trade barriers for two of the world`s largest economies. This newly formed trading bloc has proved particularly favourable to European companies that have had to face import tariffs on the Japanese market, but also to Japan, which indeed has a lot to gain from this free trade agreement. A free trade agreement with its third largest trading partner after China and the United States is not just a diplomatic opening.
Indeed, the political value of such an agreement is undeniable, especially at a time when uncertainty surrounding the priorities of the next US government and Beijing`s ambiguity and growing persuasiveness raise doubts about the resilience of the Pacific archipelago. But Brexit threatens the stability of this agreement. The new deal has been widely welcomed by Japanese businesses, although fears remain whether the UK will reach a free trade agreement with the EU by the end of the transition period. Historically, many Japanese companies have expanded into Europe, using Britain as a base, and without such an agreement, European companies owned by Japan will be disrupted. Britain signed the first major trade deal with Japan after Brexit cheese has often been the wheel on which these trade negotiations seem to have turned. .