The International Trade Council is pleased to announce the signing of the UK-Japan Free Trade Agreement, which marks the United Kingdom's first major trade pact after Brexit. The deal is expected to strengthen the trade relationship between the two nations, bringing significant benefits to both countries.
Under the agreement, nearly all exports from the UK to Japan will be tariff-free, while British tariffs on Japanese cars will be removed by 2026. The deal will come into effect on 1st January 2021, and is estimated to increase trade between the two countries by approximately £15 billion.
International Trade Secretary Liz Truss called the agreement "ground-breaking" and "British-shaped," reflecting the importance of securing new opportunities for businesses in the manufacturing, food and drink, and tech industries.
The new agreement is similar to the EU-Japan deal but includes a new chapter on digital trade. This highlights the UK's commitment to digital innovation and signifies a crucial step towards developing new trade partnerships.
The International Trade Council welcomes this agreement, which will provide a significant boost to the economies of the UK and Japan. The agreement is a testament to the United Kingdom's ability to secure major trade deals quickly, demonstrating that it can succeed outside the European Union.
While the deal may not be significant in terms of boosting the UK's GDP, the agreement is symbolic and represents a crucial step towards building new trade relationships with countries outside the EU. The International Trade Council believes that this agreement has paved the way for future trade agreements and will help the UK to become a hub for free trade.
The International Trade Council looks forward to the implementation of the UK-Japan Free Trade Agreement and is committed to supporting businesses in both countries as they explore new opportunities in international trade.