The United Kingdom has agreed to a free trade deal with Japan in their first significant trade bargain post-Brexit.
The British authorities said the deal increases trade with Japan by #15.2 billion ($16.5 billion).
The arrangement was determined on Friday on a video call between International Trade Secretary Liz Truss along with Japan’s Foreign Minister Motegi Toshimitsu.
“UK companies will profit from tariff-free commerce on 99 percent of exports to Japan,” an announcement by the Department for International Trade stated.
Truss said the deal was”historical”, including that it had been negotiated”in record time and hard circumstances”.
“[It] goes beyond the present EU deal, since it secures new wins for British companies within our excellent production, food and beverage, and technology businesses,” she said in a statement.
The statement comes as discussions between the united kingdom and the European Union took a turn following a British inner marketplace invoice proposed predominant parts of their 2019 withdrawal arrangement in breach of global law.
EU officials said that they would not shy away from taking lawful actions contrary to the united kingdom.
The united kingdom authorities said the deal with Japan would raise the market by #1.5 billion ($1.6 billion) and raise UK employees’ salaries by #800 million ($866 million).
The British authorities said the deal contained reduced tariffs on pork, poultry, beef, and poultry exports, reduced tariffs on Japanese automobile components, enhanced accessibility for UK products and might allow free flow of information.