Britain says the post-Brexit trade deal signed with Japan “secures major wins that would be impossible as part of the EU”, though its substance is largely similar to the current EU-Japan accord.
Britain hopes the agreement will boost trade with Japan by around $20 billion when it comes into force in January after being ratified by lawmakers in both countries.
Here are four things to know about the bilateral deal: When the deal was announced last month, Britain said it meant around 99 percent of its exports to Japan would be tariff-free.
Under the current EU-Japan trade agreement, in place since February 2019, the vast majority of custom duties are also absent.
The European Union says that under its deal, the bloc’s meat exports to Japan increased by 12 percent, while electrical machinery exports were boosted by 16.4 percent.
“In terms of market access, we have maintained Japan’s high level access to the UK market as under the Japan-EU deal,” Japan’s Foreign Minister Toshimitsu Motegi said.
“And for some products such as train cars and autoparts, we have improved access.” The Japan-UK deal has a particular focus on exports in the food and drink, finance and tech sectors, and aims to reduce red tape for British pork, beef and salmon farmers.
It also includes brand protection for British goods, including English sparkling wine, Yorkshire Wensleydale cheese and Welsh lamb.—Arab News