It is specified that this is the first major agreement signed after Britain left the European Union. The basis for the new agreement was an agreement between Japan and the European Union, valid since 2018.
The goal of the free trade agreement is to abolish tariffs on the export of British goods by 94% and of Japanese goods by 99%. The agreement will begin to operate in January 2021 after ratification by the parliaments of the countries. Concessions were made in the automotive industry, as well as in the field of financial services and electronic commerce.
According to the parties, such mutual concessions will increase trade between the countries by $20 billion by 2026. In 2019, it was about $40 billion.
The document was signed by British Foreign Trade Minister Elizabeth Trass and Japanese Foreign Minister Toshimitsu Motegi.
Photo: from open sources