The UK and Japan have agreed on a trade deal, dubbed the UK-Japan Comprehensive Economic Partnership Agreement.
Both goods and services are covered, including financial services which make up 28% of UK exports to Japan. This is significant because services have historically been difficult to incorporate into trade deals.
UK goods exports to Japan were worth £6.5bn in 2019, with vehicles and power generating equipment being key items.
Food, drink, and tobacco made up £295m of this - drinks (mainly alcoholic spirits) were the most valuable item, worth £185m.
UK goods imports from Japan were worth £10.4bn in 2019, with vehicles and power generation again the key items. Food and drink imports were worth 47m.
This deal is seen by the UK government as a step towards the UK joining the Comprehensive and Progressive Agreement for Transpacific Partnership (CPTPP) and thus gaining greater market access to the Asia-Pacific region.
The new deal is the biggest signed by the UK since the referendum on EU membership, but the potential deal with the EU would likely be much larger and more strategically important.
To give a comparison, UK goods trade with the EU was £171bn (exports) and £270bn (imports).
(Source for goods trade data is UK Trade Info).
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