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.

Fibre2Fashion News Desk (DS)

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