Britain inks its first 'landmark' trade deal with Japan after Brexit

In its first major post Brexit agreement, UK, on October 23, inked a trade deal with Japan. The deal which is being viewed as a replica of the existing EU-Japan deal covers a variety of sectors including food, textiles and technology. Britain which exited EU in January this year would no longer be able to avail benefits of the existing deal beyond the transition period.

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'Like-minded democracies' 

Meanwhile, the British government has touted the “landmark” UK-Japan Comprehensive Economic Partnership agreement as a chance to boost trade between the two countries by whopping £15.2 billion and also a secure “major win” which was impossible earlier. Both Tokyo and London had agreed to the deal in principle last month, however, it would still need ratification by the Japanese Parliament to come into effect. Britain's International Trade Minister Liz Truss signed it physically while on a visit to the Japanese Capital. 

“The deal is landmark moment for Britain that strengthens ties with a like-minded democracy, key ally and major investor. It secures major wins that would be impossible as part of the EU and brings together two of the world's most technologically advanced nations," Trus said in a statement.

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The deal comes following weeks of fraught talks between London and Brussels. Earlier this week, Britain refused to restart the Brexit deal negotiations even after Conservative leader Michael Gove praised the European Union for “constructive move”. EU’s chief negotiator Michel Barnier had earlier confirmed the bloc’s availability to intensify talks on all subjects, and based on legal texts. Gove initially welcomed the offer while speaking in the House of Commons but Downing Street contradicted his statement.

A Downing Street spokesperson reportedly said that the discussion between Barnier and his UK counterpart, David Frost, was constructive. However, the spokesperson went on to add that the government continues to believe there is no basis to resume talks unless there is a fundamental change of approach from the EU, according to a report by The Guardian. UK's transition period which started following its exit from the EU ends in December this year. 

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