Japan, Britain stress free trade in Tokyo talks
Source: AFP
CHECK OUT: Education is Your Right! Don’t Let Social Norms Hold You Back. Learn Online with LEGIT. Enroll Now!
Britain and Japan stressed the importance of free trade in talks in Tokyo on Friday amid an escalating battle of tit-for-tat tariffs between the United States and other countries under President Donald Trump.
"It's crucial that we counter the increasing trade fragmentation that is damaging the global economy, and that we stand up for fair rules-based international trade," Britain's Trade Secretary Jonathan Reynolds said.
"That is why the UK and Japan have agreed to enhance our economic security partnership. Our close relationship means that we can be important partners for each other on this. In fact, at this time we must be," Reynolds told reporters.
The comments followed Japan and Britain's first "2+2" talks between Reynolds and Japanese Trade and Industry Minister Yoji Muto, and the foreign ministers of the world number four and six economies, David Lammy and Takeshi Iwaya.
Muto echoed that Japan and Britain "reaffirmed the importance of maintaining free trade and working with allies to strengthen supply chains, ensure a fair playing field and responding to overcapacity and economic pressures."
Lammy said that the talks "really reinforced the value of cross-cutting discussions between the four of us. Our shared interests in a state, international system and rules-based trade is absolutely clear and fundamental."
Muto is arranging a trip to Washington during which he will reportedly demand an exemption from imminent US tariffs on steel and aluminium.
Trump has said 25-percent steel and aluminium tariffs will be imposed on Wednesday next week, without exceptions.
Trump has also threatened to impose tariffs of around 25 percent on auto imports. Vehicles represented nearly a third of all Japan's exports to the United States last year.
After hosting British Prime Minister Keir Starmer at the White House last month, Trump signalled the potential for a "great" post-Brexit trade accord, something which could help Britain avoid US tariffs.
Source: AFP
