UK, Japan agree in principle on post-Brexit FTA
The United Kingdom and Japan agreed in principle last week on a post-Brexit free trade agreement (FTA). Japanese foreign minister Toshimitsu Motegi and British international trade secretary Liz Truss reached the accord over a videoconference. The two had reached a substantial agreement on most areas on August 7 following talks in London.
Both sides are seeking to implement a new deal next January.
The two sides have been negotiating a deal since June as the United Kingdom will cease to be part of the Japan-European Union (EU) FTA when its period for transitioning out of the bloc ends this December.
The UK department for international trade said the UK-Japan Comprehensive Economic Partnership Agreement will increase its trade with Japan by around £15.2 billion (¥2.07 trillion). The deal meant 99 per cent of the country’s exports to Japan would be tariff-free, it said.
Digital and data provisions in the agreement went ‘far beyond’ those in the EU’s trade deal with Japan, helping British financial technology firms operating in Japan, it said.