International Trade Secretary Liz Truss previously pledged the UK was working towards a ‘comprehensive’ Brexit trade deal with Japan that would go beyond the existing deal with the Brussels bloc .
The deal will be based on the current EU-Japan Free Trade Agreement (FTA), but Mr Johnson’s government hoped to secure additional benefits, namely in digital and data.
The deal is expected to see the cost of Japanese technology, like the PlayStation, drop and Britain is expected to sell more luxury cars there.
A free trade deal could increase trade flows between the UK and Tokyo by £ 15.2 billion, boosting the UK economy by £ 1.5 billion, according to a government analysis.
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He told the Financial Times: “To avoid a gap in January, we have to pass it in the fall session of the Diet – the Japanese parliament.
“This means we have to complete the negotiations by the end of July.
“The lack of time means that both sides will have to limit their ambitions.
“We do this chord differently from the usual style.
Instead of rounds of talks, we negotiate every day. ”
Britain is pursuing trade deals with other countries and setting up its own sanctions regime, and has previously insisted it should not have to adhere to bloc standards.
The Ministry of International Trade has given priority to agreements with Japan, the EU, the United States, Australia and New Zealand.
More than four years after the British voted to leave the EU in a memorable referendum, and after torturous divorce talks, the UK and the EU are still negotiating on all aspects of their relationships, from trade to security, from 2021.
The two main stumbling blocks are access to UK fishing waters and the EU’s demand for Britain to link closely to state aid, labor and the bloc’s environmental standards to ensure that ‘it does not undermine the EU’s single market with shoddy products.
The EU says an agreement must be reached by October to allow time to ratify it by the end of the year. Both sides said the talks could be stalled.