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George Magnus

Economist and Author

George Magnus

Economist and Author

The new Japan-EU trade agreement exposes UK and US weakness

By George Magnus Posted on July 25, 2017November 16, 2017 In Global Economy + Finance global trade, Japan-EU trade 0

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:

Photo by Alexandre Chambon on Unsplash

previously

previously

This mini-inflation scare pales in comparison to the Brexit shambles
up next

up next

Brexit: more business, less Dunkirk please

About

George Magnus

George Magnus

George Magnus is an independent economist and commentator, an Associate at the China Centre, Oxford University, and an adviser to some asset management companies.

He is a regular contributor to the Financial Times, Prospect Magazine and other written media, and appears regularly on BBC TV and radio, Bloomberg TV and other outlets.

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"George Magnus does not look like a prophet. Yet this is the man widely acknowledged to have predicted that the US sub-prime mortgage crisis would trigger a global recession."

- Josephine Moulds, The Daily Telegraph

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  • Ofcom, CGTN and BBC row, the latest nail in Britain’s golden era coffin with China

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