The signing of the UK`s first independent trade agreement is an important milestone for our economy and will be welcomed by businesses in many sectors. The Comprehensive Economic Partnership Agreement with Japan is the first major trade pact signed by the UK after its exit from the EU. It will come into effect when the transition period ends at the end of 2020. The deal will be seen as a major victory for the UK at a time when it is engaged in difficult and often difficult trade negotiations with the EU. Prime Minister Boris Johnson is also targeting agreements with the United States, Australia and New Zealand. The agreement with Japan is the UK`s first trade pact with a major economy after its exit from the European Union in January 2020, as it has not yet concluded trade negotiations with the bloc, the Us, Australia or New Zealand. I hope that this agreement can lay the groundwork for all future agreements that the United Kingdom will establish with the rest of the world. The UK and Japan signed a post-Brexit trade deal aimed at increasing trade between nations by $15 billion ($20 billion). The free trade agreement between Japan and Britain will be signed shortly, the UK`s first post-Brexit trade deal. Although the agreement is of some political importance, its economic impact is expected to be very small.
This is because it has only very limited improvements over the EU-Japan Economic Partnership Agreement (EPA). Although a thorough review is only possible when the text is made available to the public, one of the main flaws of the agreement appears to be the treatment of investments. The other beneficiaries are financial services and the food and beverage sectors. Lower tariffs are expected for products such as British pork and salmon, Japanese cars and electronics. Overall, the UK government expects British companies to trade tariffs on 99% of exports to the Asian country. British Trade Minister Liz Truss and Japanese Foreign Minister Motegi Toshimitsu signed the agreement on October 23 in Tokyo. They said the agreement would promote free trade and strengthen relations between their countries. Unlike the United Kingdom, Japan has not had the same domestic political pressure to reach an agreement. Japan already has 17 free trade agreements covering important trading partners, including the EU-Japan Economic Partnership Agreement and countries in the Asia-Pacific region (comprehensive and progressive agreement for the Trans-Pacific Partnership (CPTPP).
In addition, Japan entered into the trade and trade agreement with the United States (which came into force in January 2020). Domestically, expectations are high for the conclusion of the Comprehensive Regional Economic Partnership (RCEP), of which China is a part. [4] With regard to the FREE trade agreement between the United Kingdom and Japan, Japan wanted to signal that it was a close strategic economic partner for the United Kingdom and to establish a solid basis for the development of its strategic trade relations and beyond, in order to pursue its foreign policy. [5] Japan`s initial refusal to "shake up" the EU-Japan Economic Partnership Agreement (EPA) was partly due to Japan`s desire for greater clarity on the future trade relationship between the UK and the EU and, on the other hand, by wanting to negotiate something more ambitious by improving the UK`s market access commitments and by re-examining some of the regulatory issues rejected by the EU in the EPA negotiations between the EU. [6] Over time, however, Japan has repositioned itself to prioritize "continuity."
