Business groups said the deal was a 'breakthrough moment' after delays caused by Shinzo Abe's resignation and disagreements over agriculture.
Source Daily Telegraph 09/09/20
The UK has struck a historic trade deal in principle with Japan, Britain's first agreement as an independent country for 47 years.
Trade Secretary Liz Truss held a video call with Japanese foreign minister Motegi Toshimitsu on Friday morning to seal the agreement, which is expected to come into force in January.
The free trade agreement is seen as a step towards Britain joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a bloc which also includes the likes of Australia, Canada, Mexico and New Zealand.
It is expected to increase trade between the world’s third and sixth-largest economies by £15.2bn, according to estimates by the Department for International Trade (DIT).
David Henig, director at the European Centre for International Political Economy and a former UK trade negotiator, highlighted that this was compared to a no-deal scenario rather than in comparison with the European Union-Japan trading terms which currently apply to Britain.
Mrs Truss said: “This is a historic moment for the UK and Japan as our first major post-Brexit trade deal. The agreement we have negotiated – in record time and in challenging circumstances – goes far beyond the existing EU deal, as it secures new wins for British businesses in our great manufacturing, food and drink, and tech industries.”
Former Japan prime minister Shinzo Abe's resignation and disagreements over Stilton cheese - which represents 0.007pc of total UK exports - had previously stalled trade talks.
The deal is expected to liberalise rules of origin, making it easier for some products such as biscuits to qualify for tariff-free trade.
It will open a dialogue between British and Japanese regulators on financial services and ease visa requirements for business people, so that British workers transferring from their UK headquarters to their Tokyo office will be able to stay for up to five years with their spouse and dependents.
Many anti-Brexit trade experts previously claimed Britain did not have the expertise to strike deals around the world, as negotiations have been handled for decades by the EU.
OFF Topic
This is a really very good explanation of the legalities of the WA Act and the new Internal Markets bill. Better than listening to all the crap on the MSM and social media.
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