UK’s trade deal with Japan likely to be signed next week
The UK’s free trade agreement with Japan is reportedly set to be formally signed next week.
The UK-Japan Comprehensive Economic Partnership Agreement (EPA) , which is the first trade deal to be signed since Britain left the EU earlier this year, was agreed in principle last month.
And the two countries are hoping to formally sign the EPA on 23 October, according to Kyodo News. Japan is reported to be aiming for the deal to come into force on 1 January.
International trade secretary Liz Truss hailed last month’s agreement as a “historic” moment for both countries. She said the agreement was expected to boost UK trade by an estimated £15.2bn.
The trade department said the pact would improve market access for UK financial services, including greater transparency and easier application processes for UK firms seeking licences to operate in Japan.
The deal forms a key part of the government’s so-called Global Britain agenda, with talks taking place alongside negotiations with the EU, US, Australia and New Zealand.
It comes as Britain readies to walk away from talks with the EU as Boris Johnson’s arbitrary 15 October deadline nears.
It emerged earlier that EU leaders are set to insist on tough enforcement measures on any agreed trade deal with Britain.
Leaders will reportedly call on chief Brexit negotiator Michel Barnier to ensure that so-called level playing field guarantees for EU businesses competing with British ones receive Brussels’ backing to take quick retaliatory action if the UK breaches its commitments, according to the Financial Times.
At a summit starting on Thursday, France and other EU fishing nations will emphasise their determination to preserve quota rights in British waters, leaving Barnier with limited space to tease out a deal, the newspaper reported.