- UK secures first major trade deal as an independent trading nation.
- This deal is an important step towards joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which will give UK businesses a gateway to the Asia-Pacific region
The UK has secured a free trade agreement with Japan, which is the UK’s first major trade deal as an independent trading nation and will increase trade with Japan by an estimated £15.2 billion.
The UK-Japan Comprehensive Economic Partnership Agreement was agreed in principle by International Trade Secretary Liz Truss and Japan’s Foreign Minister Motegi Toshimitsu on a video call this morning (Friday 11 September).
The deal is tailored to the UK economy and secures additional benefits beyond the EU-Japan trade deal, giving UK companies exporting to Japan a competitive advantage in a number of areas. It will help to create jobs and drive economic growth throughout the whole of the UK.
The deal is also an important step towards joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This will give UK businesses a gateway to the Asia-Pacific region and help to increase the resilience and diversity of our supply chains.
UK businesses will benefit from tariff-free trade on 99% of exports to Japan. Government analysis shows that a deal with Japan will deliver a £1.5 billion boost to the UK economy and increase UK workers’ wages by £800 million in the long run.
Commenting on the news local MP Antony Higginbotham said:
This is fantastic news for businesses in Burnley and Padiham who will now be able to enjoy tariff-free trade on 99% of exports to Japan. Brexit has always been about going global and this latest agreement goes to show what can be achieved. It is very welcome news.
International Trade Secretary Liz Truss said:
This is a historic moment for the UK and Japan as our first major post-Brexit trade deal. The agreement we have negotiated – in record time and in challenging circumstances – goes far beyond the existing EU deal, as it secures new wins for British businesses in our great manufacturing, food and drink, and tech industries.
