The United Kingdom and Japan sign a free trade agreement on Friday.
The government claims that the agreement will boost trade with it Japan By £ 15.2 billion over the next fifteen years – and British companies will enjoy duty-free trade on 99% of exports to the country.
International Trade Minister Liz Truss struck the deal with Japanese Foreign Minister Toshimitsu Motegi in a video call on September 11th.
They will sign the agreement – which Ms. Truss hailed as “a historic moment for Britain” – in Tokyo on Friday.
“At its core, this deal is about creating opportunity and prosperity for all of the UK and driving the economic growth we need to overcome challenges Corona VirusMs. Truss said.
The government said the deal would support UK car and railway manufacturing jobs, cut tariffs on products such as pork, beef and salmon, and British consumers would get cheaper and higher-quality Japanese goods.
“The signing of the UK’s first independent trade agreement is a milestone for our economy and will be welcomed by entrepreneurs in many sectors,” said Ms. Caroline Fairbairn, CBI Managing Director.
“This deal has the potential to support jobs across the country by increasing British agricultural exports and supporting our manufacturing and service sectors. Consumers will also benefit through more options.”
Government analysis found that a deal with Japan would boost UK GDP by around 0.07% over 15 years and increase UK workers’ wages by £ 800mn in the long term.
Once signed, the government will publish a full report on the agreement, including any significant differences or improvements.
Brexit talks are set to resume between Britain and the European Union after a hiatus last week when Downing Street insisted There is no point in resuming discussions Unless there is a change in attitude towards the European Union.
The chief EU negotiator, Michel Barnier, welcomed the reopening of talks and told reporters in London that he wanted to “make every day count.”
“This is an independent business deal,” said Ali Rennison, senior policy advisor at the Institute of Directors [with Japan] Cherry could be at the forefront if the UK manages to reach an agreement with the European Union as we exit the transition period. “
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