‘…there are big benefits for digital and data, financial services, food and drink and creative industries.’
The UK and Japan have signed an economic partnership agreement that the UK Government says marks ‘an historic moment as the UK’s first major trade deal as an independent trading nation and offering a glimpse of Global Britain’s potential.’
The UK-Japan Comprehensive Economic Partnership Agreement (CEPA) is said to be tailored to both economies and goes beyond existing EU deals. The UK Government added that there are ‘big benefits for digital and data, financial services, food and drink and creative industries.’
Commenting on the agreement Liz Truss, International Trade Secretary, said; ‘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.’
The Government added that the estimated boost to the trade between the UK and Japan is over £15 billion, with long-term economic benefits that are crucial to ‘build back better’ from covid-19.
The agreement also includes a ‘strong commitment’ from Japan to support the UK joining the Trans-Pacific Partnership (TPP), one of the world’s biggest free trade areas covering 13% of the global economy and more than £110 billion of trade in 2019. ‘This will help strengthen trade ties between the UK and eleven Pacific countries and set new standards for global trade,’ the Government said.
The UK Government has said that is has an ambition to secure free trade agreements with countries covering 80% of UK trade by 2022.