The United Kingdom Signs First Trade Agreement After Brexit With Japan
The United Kingdom and Japan have signed a free trade agreement. It is the first new free trade agreement that the British have concluded since Brexit, the exit from the European Union.
The United Kingdom and Japan reached an agreement in September, today it was officially signed, in Japan.
It inspired British Trade Secretary Liz Truss, in the style of her Prime Minister Boris Johnson, to say: “How fitting it is to welcome in the land of the rising sun the dawn of a new era of free trade. This is it. first new free trade agreement since the UK became an independent trading nation again. “
The new trade agreement means, among other things, that tariffs will be dropped for 99 percent of British exports to Japan. Over time, trade with Japan should increase by £ 15.2 billion, compared to 2018.
By 2026, British tariffs on Japanese cars should have disappeared entirely. Remarkable: that is also agreed in the trade agreement between the European Union and Japan (of which the British will no longer be a part from 2021).
The new agreement must enter into force on January 1, 2021, when the British have definitively left the European Union, the internal market and the customs union. The agreement has been negotiated for about 4.5 months.
“This is an expression of the determination of Japan and the United Kingdom to continue to promote free trade vigorously,” said Japanese Foreign Minister Toshimitsu Motegi.