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The UK and Japan will sign a free trade agreement on Friday.
The Comprehensive Economic Partnership Agreement between the United Kingdom and Japan (CEPA), which was agreed in principle last month, marks Britain’s first postBrexi trade agreement.
The government claims the agreement will boost trade with Japan at 15.2 billion pounds over the next 15 years, and UK businesses will enjoy duty-free trade on 99% of exports to the country.
International Trade Secretary Liz Truss talks with Japan’s Foreign Minister Toshimitsu Motegi in June. Photo: Andrew Parsons / 10 Downing Street
International Trade Secretary Liz Truss reached an agreement with Japan’s Foreign Minister Toshimitsu Motegi in a video call on September 11.
They will sign the agreement, hailed by Truss as a “historic moment for Britain”, in Tokyo on Friday.
“At its core this agreement is about creating opportunity and prosperity for all parts of our UK and boosting the economic growth we need to overcome the challenges of coronavirus“Ms. Truss said.
The government said the deal would support UK car and rail manufacturing jobs, lower tariffs on products such as pork, beef and salmon, and British consumers would have access to cheaper Japanese products and high quality.
Dame Carolyn Fairbairn, Managing Director of CBI, said: “The signing of the UK’s first independent trade agreement is a milestone for our economy and will be welcomed by businesses in many sectors.
“This deal has the potential to support jobs across the country by increasing British agricultural exports and supporting our manufacturing and service sectors. Consumers will also benefit through greater choice.”
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The government analysis found that a deal with Japan would boost UK GDP by around 0.07% over 15 years and raise UK workers’ wages by 800 million pounds in the long run.
Once signed, the government will publish a full report on the agreement, including any significant differences or improvements.
The Brexit talks between Britain and the European Union will resume after stalling last week when Downing Street insisted there was no point in resuming discussions unless there is a change of position from the EU.
EU chief negotiator Michel Barnier has welcomed the reopening of the talks, telling reporters in London that he wanted “every day to count.”
Allie Renison, Senior Policy Advisor at the Institute of Directors, said: “This independent business arrangement [with Japan] It could be the icing on the cake if the UK manages to reach an agreement with the EU after exiting the transition period. “
