Following the SMMT-JAMA joint statement on the UK and Japanese governments starting to negotiate a UK-Japan Free Trade Agreement, both organisations have today published a joint position paper on the UK and Japan trade talks currently underway. SMMT and JAMA are in agreement that the conclusion of a new Japan-UK FTA in parallel to negotiations with the EU – and its immediate implementation after the end of the current Brexit transition period – would greatly benefit economic prosperity both in the UK and Japan.
The two automotive industries have had a deep and mutually beneficial trade, technology and investment relationship for decades, thanks to continuous support from both governments, with a trading relationship now worth more than £3 billion in bilateral exchanges of automotive products.
SMMT and JAMA are keen, therefore, to ensure business continuity in bilateral trade relations through continued progressive liberalisation of tariffs after the end of the transition period and by maintaining the key elements of the EPA’s automotive annex as well as the basic conditions of the existing EPA’s rules of origin.
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