First published: Prospectmagazine.co.uk, 11/07/2017
The biggest ever deal of its kind, “JEEPA” reveals the hollowness of Brexiteer claims that leaving the EU will give us a trade boost. And businesses across the Atlantic will be looking on with concern, too
The announcement of “JEEPA,” or the Japan-EU Economic Partnership Association, just before the Hamburg G20 meeting, was a masterpiece in timing, a great piece of political symbolism, and a demonstration that the economic advantages of big free trade, liberal, rules-based agreements are still worth striving for. For the United States, which withdrew from the Trans-Pacific Partnership free trade deal almost as soon as President Trump took office, JEEPA is a kick in the teeth. JEEPA also makes the case for Brexit—including claims that leaving the EU is essential if we are to strike up better trade agreements—look small and deluded.
We should note that the agreement is not done and dusted. It has to be signed, ratified by both sides, and there are as yet unconcluded negotiations on dispute settlement procedures and data protection issues, but this agreement is potentially a big deal….Read more: