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Friday, December 4, 2020

Britain Officially Seals Post-Brexit Deal with Japan

Britain and Japan officially inked a bilateral free trade agreement during a ceremony in Tokyo on Friday, signifying the U.K.’s first major post-Brexit deal on trade amid the country’s intense round of negotiations with its closest trading partners in the European Union.

Britain and Japan officially inked a bilateral free trade agreement during a ceremony in Tokyo on Friday, signifying the U.K.’s first major post-Brexit deal on trade amid the country’s intense round of negotiations with its closest trading partners in the European Union.

The pact, which has been announced in September, indicates that nearly all British exports that would be sent to Japan would be tariff free.

This deal would also remove all British tariffs on Japanese cars in phases to zero by 2026.

During the signing ceremony, British International Trade Secretary Liz Truss called it a “ground-breaking, British-shaped” agreement as the U.K. transitions to become an independent trading nation again.

“How fitting it is to be in the Land of the Rising Sun to welcome in the dawn of a new era of free trade,” Truss told the reporters.

Aside from making it easier for British firms to operate in Japan, the agreement is expected to boost Britain’s trade with the East Asian country by 15.2 billion pounds ($19.9 billion) every year.

“This is a manifestation of the determination of Japan and the United Kingdom to carry on vigorously promoting free trade,” Japanese Foreign Minister Toshimitsu Motegi said in a press release on Friday.

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