The United Kingdom and Japan today officially signed UK-Japan Comprehensive Economic Partnership Agreement—the former’s first major trade deal as an independent trading nation. Signed by international trade secretary Liz Truss and Japanese foreign minister Motegi Toshimitsu in Tokyo, the deal goes beyond existing European Union (EU) deals, with big benefits for digital and data, financial services, food and drink and creative industries.
The estimated boost to trade between the two sides is over £15 billion, with long-term economic benefits that are crucial to ‘build back better’ from COVID-19, reshaping the UK economy so it is fit for the future, a British government press release said.
The agreement also includes a strong commitment from Japan to support the United Kingdom joining the Trans-Pacific Partnership (TPP), one of the world’s biggest free trade areas, covering 13 per cent of the global economy and more than £110 billion of trade in 2019.
This will help strengthen trade ties between the United Kingdom and eleven Pacific countries and set new standards for global trade.
“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,” Truss said.