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Britain signs first major post-Brexit trade deal with Japan

Britain Signs First Major Post-Brexit Trade Deal with Japan

LONDON – Britain and Japan officially signed a trade deal on Friday, marking the UK’s first significant trade deal after Brexit, as it continues to struggle to agree on an agreement with its closest trading partners of the European Union.
“How fitting it is to be in the land of the rising sun to welcome the dawn of a new era of free trade,” UK Commerce Secretary, Liz Truss, told reporters after the signing ceremony in Tokyo.
Elizabeth Truss and Toshimitsu Motegi attend a press conference after a signing ceremony in Tokyo.
“This is the first new free trade agreement to be concluded since the UK became an independent trading nation again.”
The signing comes after Truss and Japanese Foreign Minister, Toshimitsu Motegi, reached a broad deal in September.
Motegi stressed that the signing took place in just four and a half months since the start of negotiations and said: “It is a manifestation of the determination of Japan and the United Kingdom to continue to promote free trade vigorously.”
Britain said the deal meant 99% of its exports to Japan would be duty-free and could increase trade by £15.2 billion ($19.9 billion) to long term, compared to 2018.
The deal removes UK tariffs on Japanese cars in stages to zero in 2026, which is the same as in the Japan-EU trade deal.
Motegi said after the signing that he had agreed with Truss to work together to have the deal come into effect on January 1, 2021.
He also said that Japan welcomes Britain’s interest in joining the 11-member Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP) free trade agreement and intends to provide the necessary support.
Japan is already a member of the CPTPP, which also connects Canada, Australia, Brunei, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
(Sahar News Monitoring Desk)

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