UK-Japan trade talks make progress, both sides want deal by end-2020 - UK trade minister
Reuters
Published Aug 06, 2020 19:35
Updated Aug 06, 2020 20:10
LONDON (Reuters) - Britain and Japan made progress towards a comprehensive free trade deal and are committed to getting a deal in place by the end of this year, trade minister Liz Truss said on Thursday.
Japanese foreign minister Motegi Toshimitsu is in London this week meeting senior ministers as the two countries try to tie up a deal before Britain leaves the European Union and no longer benefits from an existing EU-Japan deal.
"We’ve made further progress towards a comprehensive deal with a like-minded democracy and long-standing ally, and we share a commitment to getting a deal in place by the end of 2020," Truss said in a statement.
Japan, the world's third largest economy, has for decades been a large foreign investor in British industry, particularly in consumer electronics and car manufacturing. The total value of bilateral trade in 2019 was 31.6 billion pounds ($41.5 billion) according to British data.
Britain is seeking a deal that uses the 2019 EU-Japan agreement as its template, and seeks to improve on its terms in strategic areas.
British analysis estimated that, in the long run, the trade deal could increase annual trade flows between both countries by 15.2 billion pounds and increase the size of the UK economy by 1.5 billion pounds.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.