Japan set for deal on trade
BRITAIN is set to agree a quick trade deal with Japan after the country’s leader said he had faith that Britain would continue to be an attractive place for his country’s businesses to invest.
Speaking on the second day of Theresa May’s three-day visit, Prime Minister Shinzo Abe said the Japan-EU trade treaty now being negotiated would form the basis of a post-Brexit deal with the UK.
Japan’s agreement to seek to establish a partnership with Britain which could come quickly into force after Brexit is seen as a significant victory by the UK side.
Mrs May said: “Our intention is that the UK will be free to sign new bilateral trade agreements with partners around the world in any interim Brexit period, and we have agreed here today that we want to see a swift conclusion of the ambitious EU-Japan economic partnership agreement. Prime Minister Abe and I have agreed that as we exit the EU we will work quickly to establish a new economic partnership between Japan and the UK, based on the final terms of that agreement.
“We will set up a new joint working group to examine how we can unblock remaining barriers to trade and take steps to build the closest, freest trading relationship.”
Mrs May addressed some 250 business people at a forum in Tokyo and had separate 10-minute meetings with the chiefs of Japanese industry giants Hitachi, Nissan and Toyota, who have big investments in the UK.
The discussions were described by British officials as “really positive”.
Mr Abe underlined Japanese firms’ desire for “greater transparency and predictability” from Britain about
the Brexit process. “The UK’s departure from the EU has to be successful for the UK, the EU and global economy,” he said.
“I have trust in the UK economy after Brexit. Many Japanese companies even after the Brexit vote have decided on new investments in the UK. This is testimony to Japanese companies’ expectations of the UK.
“From the UK, in the EU exit negotiation, there has to be transparency and predictability to minimise any damage to the businesses. We have received that commitment and we value this greatly. Even after Brexit the UK, for business people, will continue to be an attractive, compelling place. I am convinced of that.”
Later he told a press conference that new investment by Japanese companies in the UK showed the “profound trust” the companies have in the British economy.