Monday, 4 July 2022 – 14:16

Japan ‘opens arms’ for post-Brexit Trade Deal

Japan’s prime minister has said that Britain would be welcomed into the Trans-Pacific Partnership trade deal with “open arms” after it leaves the EU. 

Shinzo Abe said that whilst the UK would lose its role as a gateway into Europe, it would retain its “global strength”. 

He continued in an interview with the Financial Times to urge both the UK and EU to use “wisdom” to avoid a no-deal scenario. 

The TPP is a trade agreement between 11 countries including Japan, Canada, Australia and Malaysia. The US was a members under President Donald Trump withdrew his country soon after entering office. 

Todays announcement was welcomed by Brexit supports. Liam Fox, international trade secretary tweeted that it was “a pleasure” to meet Shinzo Abe having previously said that the UK will be able to strike trade deals easily outside the EU. 

However, prominent remainer, Labour MP Chuka Umunna highlighted a number of issues with the TPP announcement. Primarily, Umunna highlighted that TPP has yet to be ratified by its signatories, and that its success has been “thrown into doubt” after the US pull out. 

He continued to suggest the TPP countries account for less than 8 per cent of UK exports in comparison the EU, which accounts for over half. 

Umunna also responded to claims that some Labour MPs would be willing to vote ‘in the national interest’ with the government to support whatever deal May reaches. The Labour MP claimed that “this is a lie” and that he is aware of “no pro-European Labour MPs” having been approached. 

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