Sunday, November 27, 2022 @ 8:54 PM
According to The Guardian the first major free-trade agreement signed by Britain following Brexit was described as a failure.
Liz Truss signed an agreement with Japan in October 2020. It claimed that the deal could increase trade by billions of dollars and help the economy recover.
However, figures from the Department for International Trade showed that trade with Japan fell from £12.3 billion to £11.9 billion in the year to June 2022. Exports of goods dropped by 4.9 percent, to 6.1 billion. pound.
It was claimed that the estimated payment for trade could be as much as £15 billion, but in the first year since it came into force, trade between the two countries amounted to £23.7 billion compared to £24.9 billion in 2020, a decrease of 5 percent.
It wasn’t all bad news for Japan-UK relations, as the Financial Times reported today about the first ever tri-national venture between Japan, Italy, and the UK over a new fighter-jet programme.
The deal has not been revealed officially, but the Tempest program is expected to include collaborations with Mitsubishi Heavy Industries, BAE Systems, and Leonardo in Italy.
According to the Financial Times, a major defense agreement will be signed in December. This agreement will make joint maneuvers easier and logistical cooperation between both islands nations more efficient.
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