“How fitting it is to be in the Land of the Rising Sun to welcome in the dawn of a new era of free trade,” British International Trade Secretary Liz Truss told reporters at a signing ceremony in Tokyo. Appearing with Japanese Foreign Minister Toshimitsu Motegi, Truss called the agreement a “landmark” as the first major trade deal for Britain as it becomes once again an independent trading nation. The deal, expected to boost British trade with Japan by 15 billion pounds (US$19.5 billion) annually, will also make it easier for British companies to operate in Japan. But the new deal largely replicates the trade agreement Britain had with Japan as part of the EU. It imports nearly 1 trillion yen (US$9.5 billion) from Britain, including pharmaceuticals, medical products and cars, according to the Japanese Foreign Ministry.

Source: The Standard October 24, 2020 05:26 UTC