The U.K. Signed a trade agreement with Japan on Friday, its
first major economy since Brexit, as British efforts to reach an agreement with
the European Union by the end of the year has run out of the clock.
At a ceremony in Tokyo, U.K. International Trade Secretary
Liz Truss and Japan's Foreign Minister Toshimitsu Motegi put their names to the agreement reached in principle in September, almost three months after formal
negotiations began.
The deal, according to the Foreign Ministry of Japan,
largely protects the conditions under which the U.K. Has traded with Tokyo as
part of the European Union. The UK government has stated that UK GDP is
expected to grow by 0.07% over the next 15 years compared to 2018 levels.
"It was said that the independent U.K. would not be able
to strike major trade deals, or that it would take years to conclude,"
Truss told reporters after signing. " Yet, today, we adulterated downers
with this landslide, British-size arrangement that was agreed to in record time.
The U.K. in agreement Will help open the way for it to join a
broader trans-Pacific partnership, Truss said. Motegi reiterated that Japan
joined the U.K. to join the TPP. Will continue to support the bid, which is a trade
agreement with 11 countries across the region, including Australia, Vietnam and
Canada.
Friday's agreement improves access to the US market for
Japanese train cars and some auto parts, and adds regulations on digital trade
and financial services. The U.K. The Department for International Trade said it
offers bespoke benefits that go beyond the EU deal, including areas such as
digital and data, financial services, food and beverage, and creative
industries.
While the economic impact is modest - the UK is Japan's 18th
largest trade partner - the agreement with the world's third-largest economy is
a bright spot for Prime Minister Boris Johnson, who promised that Brexit would
be a strike for Britain There will be an opportunity. Better deals as an
independent country.
Japan publicly opposed Brexit before the 2016 referendum and
the U.K. Has lobbied against anything that harms the interests of 1,000 or so
Japanese businesses, including carmakers such as Nissan Motor Company and Honda
Motor Company that rely too heavily on trade with the EU.
The U.K. Said that 99% of exports to Japan would be duty-free
under the export deal, which would add 15.2 billion pounds ($ 20 billion) to
annual trade with the Asian nation.
Japan-UK The agreement is scheduled to be approved by the
Parliament of Japan in the session starting next week, which will be
implemented from 1 January.
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