The UK And Japan Have Signed A Free Trade Agreement
London and Tokyo have reached a "historic" free trade agreement, the UK's Foreign Trade Ministry said in a statement. That is the country's first crucial deal since Brexit.
Thanks to this agreement, trade with Japan should grow by £15.2 billion (about $20 billion), the report said. The agreements were reached today, September 11, during a video call between British foreign trade Minister Elizabeth Truss and Japanese foreign Minister Toshimitsu Motegi.
London noted that the agreement would open up new competitive opportunities for British companies that supply goods to Japan, create new jobs, and stimulate the economy.
Recall that the UK left the EU on January 31. The transition period lasts until the end of 2020 when the parties agree on future cooperation. EU rules still apply to the UK. London expects to conclude a trade agreement with the European Union by October 15.
UK businesses will benefit from tariff-free trade on 99% of exports to Japan. Government analysis shows that a deal with Japan will deliver a £1.5 billion boost to the UK economy and increase UK workers’ wages by £800 million in the long run.