Insignificant deal

The trade deal the UK Government has announced with Japan (Scotsman, 12 September)has been as heralded the UK’S “first major trade deal as an independent trading nation”, a symbol of the clout of “global Britain”.

The full details have not yet been released, but it’s already clear the agreement largely replicates the contents of the tariff-reducing deal that the European Union concluded with Japan in 2018.

For UK firms trading with Japan this is not some kind of surge for ward but simply largely replicating what was already in place.

And while the government announcement highlights potential gains to the UK economy of £1.5bn over the long term, that represents less than 0.1 per cent of our economy.

Moreover, this is a gain relative to a future in which the UK had no trade deal with Japan, not relative to the UK’S current position as a participant in the Eu-japan deal.

Britain’ s total trade with Japan in 2018 amounted to£29bn, while our trade with the rest of the Europe - an Union, by contrast, was £650bn. So as a trading partner the EU is 20 times more important.

When one considers the 0.1

per cent of GDP support from this Japan trade deal, don’t forget that the UK Government estimate that the long-term damage of a node al B rex it would be around 7.5 per cent of GDP.

With the disastrous events of this week in the EU trade talks, this trade deal with Japan is pal try in economic terms when compared with the looming threat of a nodeal Brexit.

ALEX ORR Marchmont Road. Edinburgh