UK and Japan agree on historic post-Brexit trade dealSeptember 14, 2020
UK leaders have signed an agreement with Japan’s largest auto makers. The agreement holds great benefits for both parties. According to the Japanese minister, the negotiations were difficult but fruitful.
Back in 2017, former UK Prime Minister Theresa May met with executives from Toyota, Nissan and Hitachi to express confidence in the future of the UK auto industry.
After the meetings, sources in the UK government said that a new trade agreement between the two countries was almost confirmed and will take effect as soon as the UK officially leaves the European Union.
Fast forward to the present and the UK has finally struck its first major trade deal since Brexit, with Japan continuing to honor its end of the deal.
“This is a historic moment for the UK and Japan as this is our first major trade since Brexit,” said UK Commerce Secretary Liz Truss.
The deal will greatly benefit major Japanese investors in the UK, such as Nissan and parts supplier Hitachi, and will phase out UK tariffs on Japanese cars to zero by 2026.
Meanwhile, Japanese Foreign Minister Toshimitsu Motegi said the trade negotiations were difficult, but “we managed to reach an agreement in principle at an extraordinary speed, in just three months.” He added that Japan originally expected to close the deal on January 1.
The deal also means UK exports to Japan will be duty-free, which could increase trade by £ 15.2 billion ($ 19.4 billion) over the long term.
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