The UK has signed an economic partnership agreement with Japan, the first major trade deal made as an independent trading nation
The UK-Japan Comprehensive Economic Partnership Agreement was agreed in principle on 11 September 2020.
The deal brings together two of the world’s most technologically advanced nations and will provide big benefits for digital and data, financial services, food and drink, and creative industries.
The projected boost to trade between the UK and Japan is over £15 billion, with long term economic benefits that are crucial to ‘build back better’ from COVID-19.
The agreement also includes a strong commitment from Japan to support the UK joining the Trans-Pacific Partnership (TPP) which will help strengthen trade ties between the UK and 11 Pacific countries.
International Trade Secretary, Liz Truss said :
“Today is a landmark moment for Britain. It shows what we can do as an independent trading nation, as we secure modern and bespoke provisions in areas like tech and services that are critical to the future of our country and the reshaping of our economy.
“Trade is a powerful way to deliver the things people really care about. At its heart, this deal is about creating opportunity and prosperity for all parts of our United Kingdom and driving the economic growth we need to overcome the challenges of coronavirus.
“The agreement also has a much wider strategic significance. It opens a clear pathway to membership of the Comprehensive Trans-Pacific Partnership – which will open new opportunities for British business and boost our economic security – and strengthens ties with a like-minded.”
The government hopes to secure free trade agreements with countries covering 80% of UK trade by 2022.
