Trading

UK and Japan reach ‘substantial agreement’ with hopes deal could be sealed by end of August – iNews

The UK and Japan have reached “substantial agreement” on a proposed post-Brexit free trade deal following talks between ministers.

Japan’s foreign minister Toshimitsu Motegi said both governments were “working hard” to reach a deal, while Liz Truss, the International Trade Secretary, said it was hoped it could be sealed by the end of August.

While the specific details have not yet been revealed, the draft is thought to offer the UK tariff-free exports on products like bacon and luxury leather goods in return for cheaper car parts and electronics imports, as well as agreements on data and financial services.

If agreed, it will be the largest free trade deal yet for the British government as it prepares for the end of the Brexit transition period on 31 December.

‘Productive’ talks

FILE PHOTO: Japanese Foreign Minister Toshimitsu Motegi speaks during a press briefing in Jakarta, Indonesia, January 10, 2020. REUTERS/Ajeng Dinar Ulfiana/File Photo