International Trade Secretary, ,
said:
“Negotiations have been positive and productive, and we have
reached consensus on the major elements of a deal – including
ambitious provisions in areas like digital, data and financial
services that go significantly beyond the EU-Japan deal. Our
shared aim is to reach a formal agreement in principle by the end
of August.
“The UK-Japan Comprehensive Economic Partnership Agreement will
forge stronger ties between two democratic island nations with a
shared commitment to free and fair trade, and strengthen the
global consensus for open markets at a time of heightened
protectionism. It will deliver more trade and investment that
will benefit businesses and consumers across the whole of country
and help level-up our United Kingdom.”
Background:
- We’re both committed
to an ambitious timeline for a deal to be substantively agreed by
the end of August and enter into force by the end of 2020. But
have been very clear that any deal must work for the whole UK.
- The agreement will
build on the existing EU-Japan deal, and go further in areas such
as digital trade and set new standards in areas of digital
technology and e-commerce, helping to establish our position as a
global technology superpower.
- This is expected to
increase trade with Japan by around £15 billion a year in the
long run, boosting wages across the UK by £800 million.
- Negotiations with
Japan started on 9 June 2020. Since then more than 100
negotiators have met and discussed this agreement. After the deal
is formally signed, the UK and Japanese Parliaments will review
the text and approve its content.
