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FRI OCT 23, 2020 / 6:47 AM EDT

Britain signs first major post-Brexit trade deal with Japan

Kiyoshi Takenaka and Kaori Kaneko

TOKYO (Reuters) - Britain and Japan formally signed a trade agreement on Friday, marking Britain's first big post-Brexit deal on trade, as it continues to struggle to agree on a deal with its closest trading partners in the European Union.

Britain formally left the EU in January and it has focused on negotiating new trade pacts with countries around the world as its status-quo transition period ends on Dec. 31.


Britain has said the deal meant 99% of its exports to Japan would be tariff-free, and that it could increase trade by 15.2 billion pounds ($19.9 billion) in the long run, compared with 2018.

The deal removes Britain's tariffs on Japanese cars in stages to zero in 2026, which is the same as in the Japan-EU trade agreement.

Motegi said after the signing that he had agreed with Truss to work together so that the deal will come into force on Jan. 1, 2021.

He also said Japan welcomes Britain's interest in joining the 11-member Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) free trade deal, and intends to provide necessary support.

Japan is already a member of the CPTPP, which also links Canada, Australia, Brunei, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.



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Thank heavens for that. I might actually get the Tamiya 1-16 Leopard 1 off Amazon for less than a grand now. :D

Remove tariffs on Japanese cars. So that is going to kill the japanese car industry in the UK at a stroke. Sure that will go down well..



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Harry Potter was on TV tonight. I told the wife that it being on tonight might not by random chance. She asked why. To which I said because it's a UK story and today the UK and Japan signed a trade agreement. She responds with why do you know that stuff, that's so creepy :)


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1 hour ago, Stuart Galbraith said:

Remove tariffs on Japanese cars. So that is going to kill the japanese car industry in the UK at a stroke. Sure that will go down well..

The harder-than-necessary-but-likely-to-happen Brexit will probably kill much of the British car plants anyway.

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The asian ones certainly. They were only ever here to get into the EU, and its becoming increasingly clear we just arent going to abide by the agreements we made with Japan that we would get a trade deal. They settled in former industrial wastelands, which may leave a grave problem with long term unemployment if it happens. I think it will.

I think the high end companies like Jaguar or Aston Martin will be ok. Vauxhall is probably going to poke off, they are mainly a multinational now anyway. Its going to put German owned companies like Rolls Royce or Mini in an interesting position also. Motorcycle companies like Triumph, which are a major success in Asia and have been overlooked, and its unlikely to do them much harm.

The really interesting thing will be how this will effect companies that make agricultural equipment.  New Holland frequently gets overlooked, but seem to have wholly surplanted Massey Ferguson, which was a staple of British Farmyards when I was a kid.

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Peers have inflicted a heavy defeat against the Government’s controversial Brexit legislation that enables ministers to break international law.

The House of Lords backed by 395 votes to 169, majority 226, a “regret” amendment, condemning the disputed provisions in the UK Internal Market Bill.

Speaking in support of the amendment, Liberal Democrat peer Lord Fox said: “We all know this Bill is illegal and we know it flouts important constitutional issues and threatens devolution.

“More than that, we know it has already eroded trust in our institutions and we know it is damaging the reputation of this country, which promotes the rule of law.

“Finally, and perhaps most insidiously, we know that any law that seeks to permit the executive to break laws is morally wrong.”

The measure will likely be overturned when the Bill returns to the House of Commons.

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