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Officials in London and Tokyo have both confirmed have signed the historic agreement. Liz Truss, the UK trade minister, held a video conference with her Japanese counterpart Toshimitsu Motegi this morning. The Department for International Trade confirmed the UK had signed its first post-Brexit trade deal on Friday morning.
It said in a statement: “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 £15.2billion.
“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.”
Ms Truss took to Twitter to announce the deal had been reached, and said it marked a big step for Britain’s future.
She said: “Proud to have agreed a historic UK-Japan trade deal with @moteging.
“This is a great deal for Britain, going beyond EU-Japan in key areas like digital & data, financial services and food & drink.
“A British-shaped deal that delivers for the whole country.”
The official Government statement said the free trade agreement will provide a significant boost to the UK economy.
It said: “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.
“UK manufacturers, food and drink producers and the tech sector are all set to benefit from the measures in the UK-Japan deal.”
More to follow…
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