Britain and Japan to begin trade talks, free trade deal targeted
A post-Brexit trade agreement is now brewing between the former European bloc member Britain and Asia’s second-largest economy Japan in which both sides hope to come up with a free trade deal by the end of this year.
After launching its formal negotiations sans-Brexit with the United States last month, Britain is looking to secure a free trade deal with Japan for the rest of this year. Video conferences will be held between British trade minister Liz Truss and Japanese Minister for Foreign Affairs Toshimitsu Motegi on Tuesday.
According to Britain, the talks intend to form a trade deal with Japan that is anchored to its existing agreement with the European Union.
In 2019, Japan was Britain’s fourth-largest non-EU trade partner, with trade deals amounting to 31.4 billion pounds, government statistics revealed.
Britain’s end goal is to join the exclusive Comprehensive Progressive Agreement for Trans-Pacific Partnership (CPTPP), which currently has eleven members, and gearing the country towards that goal is securing fruitful trade talks with Japan.