On February 19, the U.K business minister admitted that the fate of the cargo shipping heading to Japan remains uncertain due to Brexit and Free Trade Agreement.
What happened?
The U.K. business minister feared that a Free Trade Agreement with Japan cannot be negotiated in time affecting the cargo onboard the vessel that left for Japan.
The cargo vessel ‘Thalassa Mana’ left Britain on February 18 and is expected to arrive in Osaka Japan on March 30. However, the fate of cargo unloading is in a dilemma due to Brexit and FTA.
Britain on a signing spree
Britain is scrambling to finalize nearly 40 existing trade deals agreed under the umbrella of the Brexit on March 29.
U.K. Business Secretary Greg Clark said fears about customs barriers and logistics delays were expected. The first freighter has set off for Japan with no clarity about customs arrangements when it arrives.
He further added that FTA’s with Japan and South Korea won’t be completely ready in time for Brexit.
Deal crucial
He added that it is important not to leave without a deal and there is no clarity about vessels currently on the water not knowing how they will be treated when they arrive.
Excerpts from a speech due to be made at the annual manufacturing dinner on Tuesday night in London have been released by the manufacturers’ organization, Make U.K.
Chair of the organization, Judith Hackitt, is set to tell an audience, which includes Finance Minister Philip Hammond, that: “Some of our politicians have put selfish political ideology ahead of the national interest and people’s livelihoods and left us facing the catastrophic prospect of leaving the EU next month with no deal.”
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Source: NewsSky
