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Reuters
British Prime Minister Boris Johnson and his Japanese counterpart Shinzo Abe at the G7 summit in Biarritz, France, in 2019
Britain pulled its first “major” trade deal since Brexit from Japan on Friday, after a week of sharp differences with the European Union that raised fears of failure in negotiations for future relations.
London welcomed this “historic moment” as its relations with the European Commission appear to be at their worst.
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The British Department for International Trade said: “The UK has concluded a free trade agreement with Japan, which is the first major trade agreement for the country as a trade independent country.”
Conservative British Prime Minister Boris Johnson wrote on Twitter: “We have regained control of our trade policy and will continue to prosper as a trading nation outside the European Union.”
The text to increase trade with Japan by approximately £ 15.2 billion is a “preliminary agreement” between British International Trade Minister Liz Truss and Japan’s Foreign Minister Toshimitsu Motegi.
The agreement is supposed to enter into force on January 1 and will allow 99% of the exports of British companies to be exempted from customs duties, and will especially benefit the industry, food industries and technology sectors.
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Source: AFP
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