UK-Japan Trade and Investment Priorities 2020-09-03
2020-09-03
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Q1
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Context
Discussions on the UK-Japan FTA progressed towards consensus, but there are concerns about its impact compared to existing EU trade deals with Japan.
Neale Hanvey asked about the progress of discussions and questioned whether the Government should review their approach given that many talks have stalled and the potential negative impacts on trade, jobs, livelihoods, and recovery from the covid crisis. He pointed out that Japan accounts for only 2% of UK exports compared to the EU's 20 times more significant share.
Graham Stuart dismissed the notion of a failure in trade policy, highlighting that continuity agreements have largely been rolled over and there are opportunities to go further with Japan, setting new standards through deals with other major economies. He noted the EU's lack of success in securing an FTA with the US and suggested that critics will see not a failure but a success.
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