The British embassy in Japan announced it has signed the UK–Japan Comprehensive Economic Partnership Agreement (CEPA).
Japan and Britain signed a bilateral free trade deal Friday in the the first such major post-Brexit deal. “The deal is tailored to both economies and has secured that it goes beyond existing EU deals, with big benefits for digital and data, financial services, food and drink, and creative industries,” it added.
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.”
Dame Carolyn Fairbairn, CBI director general, said: “The signing of the UK’s first independent trade agreement is a milestone for our economy and will be welcomed by businesses in many sectors.
“This deal has the potential to support jobs across the country through lifting British farming exports and supporting our manufacturing and services sectors. Consumers will also benefit through greater choice.”
Allie Renison, senior policy advisor at the Institute of Directors, said: “This standalone trade deal could be the cherry on top if the UK manages to land an EU deal as we exit the transition period.”
Naomi Atkin,
Photo by UK in Japan- FCO, Wikimedia commons.