Brexit deadline wipes out potential trade deal with Japan
The government has revealed it has run out of time to continue its trade pacts with Japan and Turkey if a no-deal Brexit happens.
Released yesterday (February 21), a document by the Department for Trade showed it was aiming to continue deals with 40 EU membership-backed trading partners - which account for 11 per cent of all UK trade.
However, with the case of Japan, the government stated it is “unlikely” they will reach an agreement prior to leaving the EU, anyway.
Campaigners have warned the UK will lose access to the EU’s new trade agreement with Japan, with a ‘no-deal’ Brexit.
International Trade Secretary, Liam Fox, initially said he is confident about completing the work before March 29, when the UK is due to leave the EU.
In scoring out a deal before March 29 with Japan, it means, on March 30, the country will be subject to World Trade Organisation rules and additional tariffs.
Adam Marshall, chief executive of the British Chambers of Commerce, added: “The lack of progress is an incredibly disappointing, though not an unexpected admission.
“This is unfortunately yet another example where politicians have over-promised and under-delivered - and it is businesses and consumers both at home and abroad that will pay the price.”
Japan accounts for two per cent of all UK exports.
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