Japan says it hopes to have an outline trade deal with the UK sealed by the end of AUGUST in a major post-Brexit economic boost for Boris Johnson
- Toshimitsu Motegi said there is substantial agreement in most areas of deal
- He has been in London this week for discussions with Trade Secretary Liz Truss
- Comes amid slow progress in trade talks with the EU and United States
Boris Johnson was handed a post-Brexit foreign trade boost today as Japan said it hoped to have the outline of a deal with the UK by he end of the month.
Tokyo’s foreign minister Toshimitsu Motegi said the two nations have reached substantial agreement in most areas for a bilateral agreement and will speed up their talks.
He has been in London this week for discussions with Trade Secretary Liz Truss and any swift conclusion will be a welcome boost for ministers.
Similar talks with the EU are deadlocked over issues including fishing rights, while discussions with the US may not be completed before November’s presidential election, which could herald a change of administration.
Addressing an online press briefing this afternoon, Mr Motegi said: ‘We agreed to accelerate talks with an aim of reaching an outline agreement by the end of August.’
Tokyo’s foreign minister Toshimitsu Motegi (pictured with Liz Truss today) said the two nations have reached substantial agreement in most areas
He has been in London this week for discussions with Trade Secretary Liz Truss and any swift conclusion will be a welcome boost for ministers
The UK Japan trade deal is broadly based on an agreement done between Tokyo and the EU but Britain has sought to negotiate further tariff reductions and better access to Japanese markets for British firms.
The deal could mean cheaper Japanese tech goods like Sony Playstations for British consumers.
Japan is a major investor in British industry, particularly consumer electronics and car manufacturing. The total value of bilateral trade in 2019 was £31.6billion according to British data.
Ms Truss later tweeted that the two sides had ‘reached consensus on major elements of deal inc ambitious provisions in digital, data and financial services that go significantly beyond EU-Japan deal.
She added: ‘Shared aim to reach formal agreement in principle by end August.’