Both the Irish Times and Financial Times have reported in recent days on the failure of
This comes as some commentators have noted negotiators may be seeking to take advantage of Britain’s precarious position at the moment. Japan has grown in confidence in seeking a more beneficial deal with Britain than it could with the larger European Union noted the
According to most of the officials involved in this process, only a little progress has been made as most diplomatic and economic
Since Japan is looking to have the best possible deal, they have decided to exercise patience as regarding the effect of the delaying Brexit deal. The existing trade terms have been extended in lieu of this, but only for the period in which Britain planned for its transition with the European Union.
Unfortunately, this will not be applicable should the United Kingdom fail to make an agreement with Brussels.
Furthermore, a wide number of people believe that It is too late for the Japanese Diet to ratify any agreement before the scheduled date for Brexit. Brexit is scheduled to take place on March 29th and the agreement with Japan seems impossible before the arrival of this date reported the BBC. Also, there exists a wide gap in the expectations of people as regarding a trade accord.
They are not willing to duplicate the current treaty precisely in either talk for the UK to join the Trans-Pacific Partnership group or even in a bilateral deal.
The inability of the UK to strike or even make progress on a future bilateral deal makes the struggle faces by the United Kingdom evident. As it stands, the United Kingdom is having a hard time rolling over existing European Union trade deals. Unfortunately, this was the goal set out by Theresa May when she was on a visit to Japan in August 2017. Would you say the Prime minister had failed?
It’s no longer news that the inability of the United Kingdom to strike a deal is taking a toll on a number of the companies in the country. In a recently concluded survey this week, Britain’s Department for International Trade sat down to discuss with 30 business groups. In their discussion, it was revealed that these companies are also following in this trend of not being able to replicate “most” of their EU’s trade deals with other countries around the world.
The 30 business groups that participated complained grievously about what would be the effect of this failure. Significant partners of these business groups may be lost. Such significant partners include Canada, Turkey, and Japan. A spokesperson of the United Kingdom government gave an insight into this matter when he replied to a related question in an interview. He said, “In the view of no deal Brexit, the United Kingdom is making plans to use the bilateral agreements from 29th of March or as soon as possible thereafter.”
However, the spokesperson stirred some up hope in people when he added that the United Kingdom was “putting in as much effort as possible and making good progress on securing deals”. The spokesperson gave instances of the agreements with Chile and the Faroe Islands. Regardless, most business groups are waiting eagerly for March 29th to determine the fate of many of these agreements noted the BBC.
Trade deals are only one part of what now seems an endless list of tasks in a thankless job for Teresa May. Japans patience and also insight into the
As it stands the UK does not have the power
or direction to dictate any agreements at the moment as it is still struggling
to push through the EU-Brexit deal. As the date for Brexit looms we are bound
to see more issue arising be it economic, policial or social.