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Two UK trade deal-stories today that deserve our attention (thread)
The first one regards Japan. Japan doesn’t just want to “roll over” Japan-EU. It negotiates an FTA with the UK. And it’s bringing to bear the fact that the UK alone weighs less, economically, than the EU27.
The UK apparently (and not particularly diplomatically) points to the need to speed up the negotiations to reach agreement quickly.
In somewhat related news there were reports that the UK-Australia FTA would be fast-tracked although Australia doesn’t fast track. They have groups that negotiate and if they reach a deal there’s a deal. If not. Not. As Dmitry explains here
Both stories contain similar lessons. What do we learn?
1) The urgency imposed by Brexit is felt in the UK and in the EU. Elsewhere there is definitely less of a feeling of urgency. To blame partners for that is highly counterproductive. Why, indeed, should they feel the same urgency? For them far less is at stake.
2) Trade negotiations are trade negotiations. Countries are negotiating rules that they want to work under for years. That takes time and diligence. You want a fast-tracked deal with a significant trade partner? You sign what they want.
3) That puts us in the position of a difficult choice: what price are we willing to pay to get a quick deal?
4) What does not work - particularly with important economies that are far away - is to impress the need for urgency upon them because Brexit is approaching. That is our urgency. Not theirs.
