Brexit LIVE: Major breakthrough in Japan trade deal – Liz Truss set to announce deal TODAY

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International Trade secretary Ms Truss has scheduled a joint press conference today with Japanese foreign minister Toshimitsu Motegi, which will focus on progress made in bilateral trade talks. The two sides had hit a snag over earlier this month after it was claimed they had divided on the subject of tariffs on exports of blue cheese to Japan.

However, the Nikkei Asian Review has reported a compromise has been reached whereby tariffs will stay at the same level as they are in the current EU-Japan agreement, but with suppliers to be refunded later if the total import amount at the end of the year falls below an agreed level.

Another potential stumbling block is tariffs on Japanese automotive exports – but the deal is expected to include an agreement to reduced these incrementally in the same way as the EU-Japan agreement does.

Speaking at the start of this month, Ms Truss said: “We have reached consensus on the major elements of a deal – including ambitious provisions in areas like digital, data and financial services that go significantly beyond the EU-Japan deal.

“Our shared aim is to reach a formal agreement in principle by the end of August.”

Mr Motegi said there was “substantial” agreement between both parties in most areas.

Trade between Japan and the UK was estimated to be worth £31.4 billion last year.

Meanwhile it was today reported Japan’s Prime Minister Shinzo Abe was on the verge of resigning for health reasons.

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7.58am update: Truss poised to unveil Japan trade deal

Liz Truss is on the verge of handing Boris Johnson a massive Brexit boost by unveiling a bumper UK-Japan trade deal today.

International Trade secretary Ms Truss has scheduled a joint press conference today with Japanese foreign minister Toshimitsu Motegi, which will focus on progress made in bilateral trade talks.

The two sides had hit a snag over earlier this month after it was claimed they had divided on the subject of tariffs on exports of blue cheese to Japan.

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