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30 October 2020
On 22 October 2020, the Department for International Trade (DIT) announced that the United Kingdom and Japan will sign theUK-Japan Comprehensive Economic Partnership Agreement (CEPA) in Tokyo on 23 October. The DIT said:
The British-shaped deal is the first agreement that the UK has secured that goes beyond the existing EU deal, with enhancements in areas such as digital and data, financial services, food and drink, and creative industries.
It brings together two of the world's most technologically advanced nations, placing the UK at the forefront of shaping new global standards on digital trade.
This deal could boost trade between the UK and Japan by over £15 billion and drive economic growth in the long run, benefiting all parts of the country and Scotland, London and the East Midlands in particular. The signing of this FTA, and its subsequent ratification, will not only strengthen the UK economy but also help us to build back better from Covid-19.
Today's signing of the agreement also signals Japan's strong commitment to supporting the UK's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), one of the world's biggest free trade areas, covering 13% of the global economy in 2018 and more than £110bn of trade in 2019.
After the CEPA is signed, the final text will be laid in Parliament for 21 sitting days for scrutiny under the Constitutional Reform and Governance (CRaG) Act. The UK government will also publish a full report on the agreement, providing an explanation of the CEPA, including any significant differences or enhancements between the UK-Japan CEPA and the EU-Japan Agreement.
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