The United Kingdom and Japan announced today that they have reached a broad agreement on a bilateral trade agreement, making it the first major trade deal negotiated since the United Kingdom’s departure from the European Union (EU).
Japanese Foreign Minister Toshimitsu Maki and UK International Trade Minister Liz Truss held a video conference today to reach broad agreement on the UK-Japan Comprehensive Economic Partnership Agreement (CEPA) that the two countries plan to sign after the UK leaves the European Union.
Truss said, “This is a historic moment for the United Kingdom and Japan, and it is our first major trade agreement post-Brexit.
This agreement…goes far beyond the existing agreement with the EU,” said Truss, “because it secures new wins for British manufacturing, food and drink, and technology companies.
She added that it is an “important step” toward the UK joining the Trans-Pacific Partnership (TPP).
The new trade agreement between Japan and the UK largely follows the preferential tariff provisions of the Japan-EU EPA, which came into effect last year. As the UK will no longer be part of the EU as of January 1 this year, the agreement will not apply.
The UK Department of International Trade said in a statement that the new UK-Japan trade agreement will result in an estimated increase in UK trade with Japan of 15.2 billion pounds.
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