UK-Japan trade deal will provide political cover - but only a limited trade boost

Last Friday, after signing the UK-Japan Comprehensive Economic Partnership Agreement (Cepa), trade secretary Liz Truss described it as a historic and a landmark moment. In truth, while the agreement has a certain political significance, its economic impact is likely to be very small. It contains very limited improvements relative to the trade deal the UK enjoyed with Japan through its EU membership - the EU-Japan Economic Partnership Agreement (EPA), which entered into force in February 2019.