Uk Japan Trade Agreement Text

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The table below provides a high-level overview of the main differences between the major free trade agreements signed by Japan, some of which the UK intends to join in the near future. As can be seen, concessions made under the Uk-Japanese EPA compared to those made under other agreements are marginal at best and do not mean a significant increase in bargaining power for the UK after Brexit. On 23 October 2020, the British government published the text of the agreement. [14] The UK-Japan Free Trade Agreement was signed in Tokyo on 23 October 2020. This page contains user-friendly links to download different chapters and appendices of the entire agreement. If the UK and the European Union fail to agree on a post-Brexit trade deal, World Trade Organisation rules would become a default on trade relations between the European continent and the British Isles. This would severely penalise the UK against other trading partners that have agreements with the European Union, including Japan, and would cause serious headaches for Japanese companies setting up their European operations in the UK. So it seems that Japan was motivated to get the UK and the European Union to maintain the status quo in their negotiations for a post-Brexit deal. Japan has achieved this to a large extent by largely reflecting the content and impact of the EU-Japan EPA in the rural-Japanese EPA and by giving the Uk only meagre benefits, which may have limited its ability to take a more divergent approach in its negotiations with Brussels.

On 23 October 2020, Japan and the United Kingdom formally adopted the terms of a new Comprehensive Economic Partnership Agreement (EPA), which is due to come into force on 1 January 2021. It was the first post-Brexit trade deal the UK has reached with a major trading partner. The UK has been under pressure to reach the deal with Japan before the transitional Brexit period expires at the end of the year, leading the UK to no longer benefit from favourable trading conditions with the world`s third-largest economy under the European Union`s Economic Partnership Agreement (EPA) with the world`s third-largest economy1. Faced with the complexity of the upcoming trade negotiations, including possible free trade agreements with the United States and the European Union, the United Kingdom has been under additional pressure to demonstrate its ability to maintain favourable trade conditions independently of Brussels. After the publication of the full text of the agreement, which is linked to its signing, there is a general consensus that the EPA between Britain and Japan essentially resembles the EU-Japan EPA, but that there are several differences by which the UK has shown the world that it can achieve its trade ambitions after Brexit.