UK and Japan agree on principle to free trade deal


British Prime Minister Boris Johnson meets with Japanese Prime Minister Shinzo Abe on day three of the G7 Summit on August 26, 2019 in Biarritz, France.

Andrew Parsons – Pool | Getty Images

LONDON — The U.K. and Japan on Friday agreed in principle to a trade deal, in a move that sees the U.K. strike its first major agreement post-Brexit.

The announcement, which the U.K. hailed as a “historic moment,” comes as Britain struggles to secure an agreement with its closest trading partners in the European Union.

Britain said U.K. businesses would benefit from tariff-free trade on 99% of exports to Japan.

The tentative agreement, which will require the approval of both the U.K. and Japanese parliaments, is scheduled to come into the force at the end of the year.

“This is a historic moment for the UK and Japan as our first major post-Brexit trade deal,” Liz Truss, U.K. international trade secretary, said in a statement.

“Strategically, the deal is an important step towards joining the Trans-Pacific Partnership and placing Britain at the centre of a network of modern free trade agreements with like-minded friends and allies,” Truss said.



Source link

Discover

Sponsor

Latest

Amazon Air fleet growing fast, could resemble airline: Study

Amazon.com boxes are shown stacked near a Boeing 767 Amazon "Prime Air" cargo plane on display in a Boeing hangar in Seattle.Ted S....

U.S. is ‘still struggling to move away from fossil fuels’ 

The world's biggest carbon-emitting nations are falling well short of peers in efforts to tackle a "global climate emergency," according to new research.The...

How being unemployed in 2020 could lead to a surprise tax bill

Alistair Berg | DigitalVision | Getty ImagesMany jobless workers are about to find out they could owe federal and state taxes on...

Christmas amid coronavirus can still be merry: World Health Organization

A pedestrian wearing a face mask or covering due to the Covid-19 pandemic takes a photograph of Christmas trees in Covent Garden in...

British university testing tech that could cut heating bills

Kenny Williamson | Moment | Getty ImagesA local authority in the U.K. is to provide university researchers with a house to test low-carbon...