UK 'welcome to join' trans-Pacific trade deal post-Brexit

Japanese Prime Minister Shinzo Abe said he would welcome the UK to the Trans-Pacific Partnership trade deal (TPP) “with open arms” after Brexit.

Speaking in an interview with the Financial Times, the Japanese PM urged the UK government to avoid a no-deal Brexit as the country would lose its role as a gateway to Europe.

“I truly hope that the negative impact of Brexit to the global economy, including Japanese businesses, will be minimised,” Abe said.

The TPP is an agreement between 11 Pacific countries including Japan, Vietnam, Malaysia, Canada, Mexico and Australia. The deal also included the US but President Donald Trump decided to withdraw from the deal.

If the UK were to join the TPP it would ensure free-trade deals with a fast-growing part of the global economy. To join, Britain would have to exit the EU’s customs union and have the capacity to set its own tariffs.

Japan has been a major investor in the UK since the 1980’s, with more than 800 Japanese businesses employing more than 100,000 people in the UK.

Some Japanese businesses, however, such as Panasonic, have decided to move away from Britain to the continent.