The United Kingdom has struck its first free trade agreement as an independent state, signing a deal with Japan after more than 40 years of being locked in the European Union’s trade regime.
International Trade Secretary made the announcement that she had agreed on the deal in principle with Japan’s foreign minister, Toshimitsu Motegi, on Friday morning.
The agreement goes “beyond the EU-Japan trade deal”, which was used as a template to fast track the bilateral trade deal between the two island nations, and will be worth an estimated £15.2 billion to the economy.
The UK-Japan Comprehensive Economic Partnership Agreement means that tariffs will be lifted on 99 per cent of exports to the far-east country.
It will create British jobs and increase economic growth, according to the Department for International Trade, and will give British companies a “competitive edge” in selling goods to Japan. In the long-term, it will add £800