Great Britain signs trade agreement with Japan

Great Britain signs trade agreement with Japan

After just a few months of negotiations, the UK and Japan signed a trade agreement on Friday that is due to come into force on January 1st.

The UK has signed the first major post-Brexit trade deal with Japan. 99 percent of the goods and services traded between the two countries should thus remain duty-free in the future. According to British figures, the deal will increase trade by £ 15.2 billion (€ 16.5 billion). By comparison, exports and imports between the UK and the EU total nearly £ 700 billion.

The signing took place at a festive ceremony in Tokyo. Britain’s Minister for International Trade, Liz Truss, said the agreement paved the way for her country to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership with 11 members including Canada, Mexico, Vietnam and Australia.

Deal with the US is still pending

Great Britain announced its exit from the EU on January 31; the transition period lasts until the end of December. London is currently arguing with Brussels about the joint exit agreement.

The UK has already agreed with South Korea, Chile, Switzerland, Iceland and Norway to maintain current trading conditions after Brexit. The aim of the Conservative government in London is to sign an agreement with the US before the end of the year.

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Author: Killian Jones
Graduated From Princeton University.He has been at the USTV since 2017.
Function: Chief-Editor

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