02/17/18

UK Brexit from EU will road to free trade deal with Japan

Prime Minister Theresa May of United Kingdom has told Japanese business leaders that Brexit will allow the UK to strike a free trade deal with Japan.

In the Downing Street meeting she told bosses, including from Nissan, Mitsubishi, Panasonic, and Honda, that Brexit was "no small undertaking".

The prime minister also said the government's modern industrial strategy made the UK "more attractive".

The meeting comes amid concern over estimates of the impact of Brexit on economic growth.

Chancellor Phillip Hammond, Business Secretary Greg Clark, and International Trade Secretary Liam Fox also attended the meeting.

"I recognise that the UK's forthcoming exit from the European Union is no small undertaking, but importantly it does present the opportunity to strike free trade deals around the world and build on our already very strong relationship that we have with Japan," Mrs May told the assembled bosses.

"As we look to the relationship between the UK and Japan we see already year-on-year trade between our two countries continues to increase, with Japans's investment in the UK reaching £46.5bn in 2016."

"Just today we have seen the Bank of England raise its forecast for UK growth compared with its estimates three months ago," Mrs May added.

Representatives from Japanese banks and drug companies also attended the meeting.

Japanese firms have spent billions of pounds in Britain over the past decades, encouraged to set up in the country by successive governments promising a business-friendly base from which to trade across the continent.



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