South West Norfolk MP at heart of UK's free trade deal agreement with Japan
South West Norfolk MP Liz Truss has today (Friday) agreed a free trade deal in principle between the UK and Japan.
In her role as International Trade Secretary, Ms Truss held talks with the Japan Foreign Minister via video call.
It is the UK's first major trade deal outside the EU and will offer businesses in the East of England more opportunities to trade the world’s third largest economy.
Ms Truss said: “This is a historic moment for the UK and Japan. This is our first major post-Brexit trade deal and it goes far beyond the existing EU deal by securing new wins for British businesses.
"This deal will create new opportunities for people in the East of England and help level up the whole of the UK.
"Strategically, the deal is an important step towards joining the Trans-Pacific Partnership and placing Britain at the centre of a network of modern free trade agreements with like-minded friends and allies.”
Last year 1,040 East of England businesses exported to Japan and latest figures show that Japanese demand for goods exports from the region is growing. In 2019, annual goods exports from the region to Japan were worth £870million.
This new deal with Japan could offer a £1.5 billion boost to the UK economy, increase UK-Japan trade by £15.2billion and increase UK workers’ wages by £800million in the long run.