The folly that is Brexit means that the UK will be turning its back on the putative trade deal signed between Japan and the EU in just 21 months. At the moment, the UK benefits from all EU trade deals which are negotiated by the EC under direction from the member states, but when the UK ceases to be a member, it will need to attempt to renegotiate all these deals again from scratch. Whilst the UK may wish to adopt the EU WTO tariffs on leaving the bloc, that would be a matter that could require the blessing of all WTO members.

The agreement reached between the world’s largest trading bloc and its third largest economy was announced today. It is only an outline agreement at this stage for tariff-free trade and few details have emerged, but the most likely sectors are EU food exports and Japanese car imports. The outline deal comes with a “strategic partnership” which will facilitate cooperation in areas of common interest such as mitigation of climate change.

Discussions between the two started in 2012 (Mrs May, take note…) in a coming together of two of the world’s dominant economies. Analysts claim that the election of Mr Trump to the American presidency has given the talks fresh impetus, leading to today’s announcement. This is particularly relevant since the US withdrew from the Trans Pacific Partnership bloc, effectively killing it in its existing format. This was a point not lost on European Council President, Donald Tusk: "We did it. We concluded EU-Japan political and trade talks. EU is more and more engaged globally. Although some are saying that the time of isolationism and disintegration is coming again, we are demonstrating that this is not the case." This was a dig at Brexit enthusiast that claim the EU is not a vehicle for free-trade deals…