Britain has signed a trade deal with Japan as time pushes them to reach a consensus on Brexit talks. At the ceremony in Tokyo, British International Trade Secretary Liz Truss and Japanese Foreign Minister Toshimitsu Motegi signed a pact. The deal mainly covers the terms and conditions under which Britain had trade relations with Japan as part of the EU. This is expected to boost U.K.’s GDP. by 0.7% compared to 2018 and over the next 15 years.
The agreement is of wider strategic importance as it paves the way for membership in the Comprehensive Trans-Pacific Partnership – a new opportunity for British business and commerce. Japan says it supports Britain’s accession to the trade partnership.
The signing came when the Johnson government resumed talks with the EU on Thursday, in a bid to avoid re-imposing tariffs and quotas when Britain leaves the single market and customs union on 31 December. Japan publicly opposed Brexit before the 2016 referendum and lobbied against anything that harmed the interests of about 1,000 Japanese companies in the UK, including carmakers such as Nissan Motor Co. and Honda Motor Co.
The United Kingdom says 99% of exports to Japan will be without tariffs on the deal, which will add 15.2 billion pounds ($ 20 billion) to annual trade with the Asian country Japan- Great Britain. The agreement is due to be approved by the Japanese parliament at next week’s session, which will allow it to enter into force on January 1.
Junior Trader Kameliya Ivanova