On November 11, the British and Japanese governments reached a trade agreement in principle between Britain and Japan after brexit from the European Union.
"Historical moment"
British International Trade Minister Elizabeth TRAS and Japanese Foreign Minister mauki minchong held a video conference on the same day and reached the agreement in principle. "This is a historic moment for both countries, and this is the first major post brexit trade agreement for the UK," Mr. trass said at the meeting
The agreement, which was negotiated "in a record time," far exceeds the current EU Japan economic partnership agreement (EU Japan trade agreement), and will ensure "new success in manufacturing, food and beverage and technology industries" in the UK, Mr. trass said.
According to the statement of the British government, the agreement is called the comprehensive economic partnership agreement between Britain and Japan.
Britain officially left the EU on January 31 this year and will withdraw from the EU Japan trade agreement at the end of the transitional period of "brexit". Britain and Japan began negotiations on a trade agreement in early June, referring to the EU Japan trade agreement which came into force in February last year.
Britain and Japan will then sign and ratify the bilateral agreement by their respective parliaments and parliaments. MaoMu minchong said the Japan UK trade agreement should come into force on January 1 next year.
The British government has "touted" the conclusion of a trade agreement with Japan at a time when negotiations between Britain and the European Union on future relations are becoming increasingly fierce, AFP reported, in an attempt to show critics of "brexit" that Britain can reach new agreements with other countries.
British Prime Minister Boris Johnson tweeted on social media on the 11th that the UK Japan trade agreement showed that the UK "has regained control over our (UK) trade policy and will continue to prosper as a trading country outside the EU".
[mutual relief]
The British government said the trade agreement between Britain and Japan would exempt 99% of Britain's Japanese exports from tariffs.
Kyodo News Agency and other media reported that the Japan UK Trade Agreement is basically similar to the Japan Europe trade agreement. In 2026, for example, the tariffs imposed by the European Union on imports of automobiles will be gradually reduced, for example, by 2026. The auto industry concerns Japan's main interests.
"The Japan UK Trade Agreement will continue the favorable conditions Japan has gained from the Japan Europe trade agreement and will ensure the continuity of business for Japanese enterprises (with the UK)," he said
He said the Japan UK Trade Agreement will continue the "high access" of the British market to Japanese products in the Japan Europe trade agreement, and will improve the British market's access to Japanese train carriages and some auto parts.
According to the agreement, the UK will reduce Japan's auto parts tariffs and Japanese auto companies will benefit from it, the UK's international trade department said. Britain will reduce tariffs on Japanese manufacturing parts, while Japan will reduce British tariffs on pork, beef and salmon, AFP reported.
Last year's trade data showed that Japan was Britain's 11th largest export market, while Britain was Japan's 12th largest export market.