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Tuesday, 09 October 2018 13:00

UK welcome to join Pacific trade pact after Brexit, Shinzō Abe

UK welcome to join Pacific trade pact after Brexit, Shinzō Abe

Japan’s prime minister, Shinzō Abe, has said Britain would be welcomed into the Pacific free trade pact “with open arms” after it leaves the European Union. His comments followed warnings from Japanese carmakers that a no-deal Brexit could hit production and force them to rethink their investments, Caspian Energy News (www.caspianenergy.net) reports with reference to The Guardian.

In an interview with the Financial Times in Tokyo, Abe said Britain would lose its role as a gateway to Europe after Brexit, but would still be “equipped with global strength”.

Abe, a key architect of the Trans-Pacific Partnership (TPP), is attempting to bolster the 11-nation agreement after Donald Trump took the US out of the deal on his first day in office, calling it “a potential disaster for our country”.

But British membership of the TPP would be dependent on its withdrawal from the EU customs union, which would allow it to set its own tariffs.

Japan, Singapore and Mexico have ratified the agreement, while Australia, Brunei, Canada, Chile, Malaysia, New Zealand, Peru, and Vietnam have all signed it.

The UK would be the first member of the agreement that does not have borders on the Pacific Ocean or the South China Sea, although the bloc does not include China or South Korea.

Abe encouraged London and Brussels to avoid a “disorderly” deal that would affect Japanese businesses with investments in the UK.

He added: “I truly hope that the negative impact of Brexit to the global economy, including Japanese businesses, will be minimised.”

More details: https://www.theguardian.com/politics/2018/oct/08/uk-welcome-to-join-pacific-trade-pact-after-brexit-says-japanese-pm

Person in charge of the newsline: Olga Nagiyeva 

 

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