Japan and the UK agreed to lift auto tariffs for a post-Brexit trade agreement in 2026, despite Japan’s push to lift the tariffs earlier, the Nikkei Asian Review reported yesterday.
Japanese Minister of Foreign Affairs Toshimitsu Motegi is in negotiations with British Secretary of State for International Trade Liz Truss in London.
‘MAJOR ELEMENTS’
Photo: Bloomberg
Truss said in a statement that they “have reached consensus on the major elements of a deal,” and both have announced that they would agree on the principles of a trade deal by the end of this month.
However, despite reassurances that the two countries had by and large reached an agreement, auto tariffs and agricultural products have proven to be a sticking point in the negotiations.
EU AGREEMENT
Japan had hoped to lift tariffs on auto and auto parts earlier than in the current trade deal between the EU and Japan, which would phase out import tariffs on Japanese vehicles by 2026.
“Japan agreed to phasing auto tariffs on Japanese vehicles out in 2026 in line with the EU trade deal, despite asking to hasten the timing,” the Nikkei Asian Review reported.
The UK, on the other hand, is hoping to secure better terms on agriculture, Financial Times reporter George Parker tweeted on Friday.
“UK-Japan trade talks close to agreement but @trussliz said by Brits to be holding out on agricultural access,” he said, referring to Truss’ Twitter handle.
DEADLINE
The UK, which left the EU in January, is seeking to clinch a trade agreement with Japan based on last year’s EU-Japan agreement by the end of the year, when the UK’s no-change transition arrangement with the EU is to expire.
Japan’s trade and foreign affairs ministries did not immediately respond to requests for comment.
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