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World Cheese, car parts and Kobe beef: Britain's trade deal with Japan

12:21  23 october  2020
12:21  23 october  2020 Source:   msn.com

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Cheese exports worth less than 0,000 could be holding up a trade deal between Britain and Japan . Now talks with Japan , Britain ' s fourth biggest trading partner outside the European Union Japan and the United Kingdom will also agree to eliminate tariffs on Japanese cars by 2026

Updated: 22 Oct 2020, 22:24. BRITAIN ’ S first post-Brexit deal with Japan has been hailed as a “landmark moment” by International Trade Secretary Liz Truss. She said the agreement, a huge boost for an independent Britain , will help us bounce back from the Covid recession.

Britain says the post-Brexit trade deal signed with Japan on Friday "secures major wins that would be impossible as part of the EU", though its substance is largely similar to the current EU-Japan accord.

a person standing in front of a television: Britain hailed its first major post-Brexit trade deal on Friday, an agreement the UK hopes will boost trade with Japan by around $20 billion © JAPAN POOL VIA JIJI PRESS Britain hailed its first major post-Brexit trade deal on Friday, an agreement the UK hopes will boost trade with Japan by around $20 billion a close up of a person cutting a piece of cake: The UK government says consumers will be able to buy © PHILIPPE LOPEZ The UK government says consumers will be able to buy "cheaper, high-quality Japanese goods" -- including the famous Kobe beef

Britain hopes the agreement will boost trade with Japan by around $20 billion when it comes into force in January after being ratified by lawmakers in both countries.

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Although Japan makes up 2 percent of British trade , there is still lots to be thankful for in the agreement, experts said. The deal also provides more generous quotas for malt than quotas in the EU- Japan deal , and reduced tariffs for car and rail parts supplying companies like Nissan and Hitachi.

To be introduced as part of the Japan - Britain deal is a geographical indication rule designed to protect products that originate from specific places and prevent cheaper products with Under the Japan -EU EPA, Satsuma shochu (distilled spirits) and Yubari melons are protected, as are Scotch and Kobe beef .

Here are four things to know about the bilateral deal:

- Low or no tariffs -

When the deal was announced last month, Britain said it meant around 99 percent of its exports to Japan would be tariff-free.

Under the current EU-Japan trade agreement, in place since February 2019, the vast majority of custom duties are also absent.

The European Union says that under its deal, the bloc's meat exports to Japan increased by 12 percent, while electrical machinery exports were boosted by 16.4 percent.

"In terms of market access, we have maintained Japan's high level access to the UK market as under the Japan-EU deal," Japan's Foreign Minister Toshimitsu Motegi said on Friday.

"And for some products such as train cars and autoparts, we have improved access."

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This deal could boost trade between the UK and Japan by over £15 billion and drive economic growth in the long run, benefiting all parts of the country and Scotland, London and the East Midlands in particular. The signing of this FTA, and its subsequent ratification, will not only strengthen the UK

The trade deal announced on Friday will slash Japan ’ s tariffs on imports of European meat, wine and dairy products © Getty. Ms Malmström is under pressure from the EU farm lobby over market access rights that would be granted to South American beef farmers as part of a separate trade deal being

- Wensleydale -

The Japan-UK deal has a particular focus on exports in the food and drink, finance and tech sectors, and aims to reduce red tape for British pork, beef and salmon farmers.

It also includes brand protection for British goods, including English sparkling wine, Yorkshire Wensleydale cheese and Welsh lamb.

In return, the UK government says consumers will be able to buy "cheaper, high-quality Japanese goods -- from udon noodles to Bluefin tuna and Kobe beef".

There are currently 241 British businesses in the agriculture and food sector who import from Japan, and 693 who export goods to Japan, the UK government says.

But unlike the Japan-EU deal, this agreement lacks quotas for agricultural exports like cheese, according to the Financial Times, and instead allows Britain to use any such quotas left over by the EU.

- More services -

The deal includes new provisions on digital trade that aim to ease the flow of data, among other changes.

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Lack of clarity about UK-EU trading relationship after Brexit also holding up progress.

Australian Prime Minister Tony Abbott sealed trade deals with Japan and South Korea as he seeks to boost exports of everything from beef to canned Under the agreement, tariffs on Australian beef will be eliminated over 15 years, while levies on all Korean cars will be lifted within three years with those

"This deal doesn't just preserve existing benefits, but it strikes out in services like digital and data, where the UK and Japan both have strengths, and hope to collaborate in future," said Britain's International Trade Secretary Liz Truss.

The UK hopes the deal will help its companies that supply services -- from financial to telecoms and transport -- gain access to the Japanese market.

While some analysts have cast doubt on how much difference the new digital provisions will make, British businesses have welcomed the agreement.

Carolyn Fairbairn, director-general of the Confederation of British Industry, called it a "breakthrough moment".

- Stepping stone? -

Japan accounted for around just two percent of Britain's trade last year, government statistics show -- roughly the same as Norway.

But the deal could act as a bridge for the UK to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, also known as TPP-11 -- a free-trade deal between 11 countries including Japan, Canada, Mexico, Vietnam and Australia.

It was previously known as the Trans-Pacific Partnership (TPP) and had been slated to be the world's largest trade pact before the United States withdrew in 2017, blocking its ratification.

Truss said the deal "paves the way" for Britain to join the partnership -- but this is likely to be a complex manoeuvre that will take years.

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This is interesting!