The UK has today (Oct 23) signed its first international trade deal as an independent nation with Japan.
The trade deal, UK-Japan Comprehensive Economic Partnership Agreement, will mean that the UK have exclusive benefits that go beyond the EU’s current deal with Japan, resulting in an estimated £15bn boost to the UK economy.
The major benefits come in digital and data, financial services, food & drink as well as creative industries.
The deal also comes with a commitment from Japan to support the UK joining the Trans-Pacific Partnership, one of the world’s largest free trade areas, covering approximately 13% of the world’s economy.
The deal brings together two of the world’s most technologically advanced nations, placing the UK at the forefront of shaping new global standards on digital trade.
International Trade Secretary, 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.”