Shadow worldwide trade secretary Emily Thornberry said: "Trade with Japan represented 2.21% of our global total last year, and under the best case scenario put forward by the Government, today's agreement will see that total increase by just 0.07 percentage points each year, simply maintaining the levels of growth seen since 2015, and preserving the forecast benefits of the current EU-Japan agreement".
The UK-Japan comprehensive economic partnership agreement was agreed in principle on a video call between Britain's International Trade Secretary Liz Truss and Japan's Foreign Minister Motegi Toshimitsu.
But they missed their initial goal of agreeing in principle by the end of August due to differences over how much Japan would cut tariffs on its cheese and farm imports from Britain, according to negotiation sources.
A standstill transition period is in place until the end of the year while London and Brussels try to thrash out the terms of their new relationship from January 1 next year.
What's more, the deal is actually better than the agreement we saw while we were a member of the EU.
Businesses in the United Kingdom could benefit from tarriff-free trade on more than 90 per cent of export to Japan, should the trade deal be approved and ratified by the two countries' parliaments.
The EU has demanded that Britain scrap a plan to break the divorce treaty signed by both sides in January, but British Prime Minister Boris Johnson's government has refused.
"This agreement is a sign and a signal that we are back as an independent trading nation", Truss said as she began the videoconference with Motegi, which was open to the media.
A bilateral trade agreement with Japan could increase UK GDP in the long run by just £1.5 billion ($1.9 billion), or around 0.07%, according to the trade department, compared with an estimated 5.6% reduction in economic growth as a effect of a no-deal Brexit, which looks increasingly likely.
"Firms will want to see the specific provisions to support small businesses replicated in future trade deals to help business communities thrive and grow in future".
CPTPP is a landmark 11-country trade deal that includes Australia, New Zealand, Canada, Japan, Mexico, Singapore, Vietnam, Brunei, Chile, Malaysia, and Peru.
ProtecX Medical, a leading manufacturer and supplier of personal radiation protection products, has been experiencing success in the Japanese market since starting exporting its goods to the country in the early 2000s. It also covers measures to tackle online infringement of intellectual property rights, such as film and music piracy.
The UK's new trade deal with Japan commits it to tougher restrictions on state aid than the ones it is now offering the European Union in the Brexit talks, potentially undermining its negotiating position with Brussels. UK-Japanese trade was worth more than £30 billion previous year, according to the British government. We hope that we have succeeded by giving you the full details and information.