Britain signs an historic trade deal with Japan.

Great news, Britain have sealed a deal with Japan which is the third biggest economy in the world, something remainer’s said would never happen. Britains International Trade secretary, Liz Truss, will take a trip to Japan to sign the deal alongside Japan’s Foreign Minister Motegi Toshimitsu.

 

This deal is one of many in the pipeline, Britain has deals lined up with USA, Australia, New Zealand and Canada. The deals will be signed in the coming months as we leave the transition period with the EU.

This deal could boost trade between the UK and Japan by over £15 billion and drive economic growth in the long run, benefiting all parts of the country and Scotland, London and the East Midlands in particular. The signing of this FTA, and its subsequent ratification, will not only strengthen the UK economy but also help us to build back better from Covid-19.

Today’s signing of the agreement also signals Japan’s strong commitment to supporting the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), one of the world’s biggest free trade areas, covering 13% of the global economy in 2018 and more than £110bn of trade in 2019.

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 democracy, key ally and major investor in Britain.”

The head of the CBI, Dame Carolyn Fairbairn, declared this deal as a milestone for the UK economy 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 through lifting British farming exports and supporting our manufacturing and services sectors. Consumers will also benefit through greater choice.”

“Ultimately, trade is a powerful lever of economic growth. The CBI and its members will now work with government to take full advantage of the opportunities and ensure the benefits are felt in all parts of the UK.”

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