International

U.K., Japan ink post-Brexit trade deal

Britain and Japan formally signed a trade agreement on Friday, marking Britain’s first big post-Brexit deal on trade, as it continues to struggle to agree on a deal with its closest trading partners in the European Union.

Britain formally left the EU in January and it has focussed on negotiating new trade pacts with countries around the world as its status-quo transition period ends on Dec. 31.

“This is the first new free trade deal to be agreed since the U.K. once again became an independent trading nation,” British Trade Secretary Liz Truss told reporters.

Britain has said the deal meant 99% of its exports to Japan would be tariff-free, and that it could increase trade by 15.2 billion pounds ($19.9 billion) in the long run, compared with 2018.

The deal removes U.K.’s tariffs on Japanese cars in stages to zero in 2026.

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Printable version | Dec 5, 2020 6:16:30 AM | https://www.thehindu.com/news/international/uk-japan-ink-post-brexit-trade-deal/article32932595.ece

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