Free Trade Agreement With Japan

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. “It ensures continuity, so that after the end of the year, if the UK is no longer treated as an EU member for international free trade agreements, trade with Japan can continue under the same conditions,” he said. The deal could boost trade between the UK and Japan by more than $15 billion and, in the long run, boost economic growth, benefiting all parts of the country, including Scotland, London and the East Midlands. The signing of this free trade agreement and its subsequent ratification will not only strengthen the British economy, but also help us to build better from Covid-19. (3) The possibility of using free trade agreements to help developing countries conclude free trade agreements with developing countries could also serve as a political instrument to promote the economic development of these countries, including those in Africa. In the context of the current process of expanding economic interdependence between Japan and China, the possibility of concluding a free trade agreement with Hong Kong should not be ruled out. The UK and Japan signed a post-Brexit trade deal aimed at increasing trade between nations by $15 billion ($20 billion). Uk food and beverage producers are pleased that the UK has reached a new comprehensive trade agreement with Japan. As the world`s largest net importer of food and beverage products, this agreement with Japan improves our existing terms of trade and offers significant new growth prospects for high-quality UK production. In particular, we welcome the additional flexibility that this agreement offers with regard to the rules of origin that are so important to our industry. The trade agreement between the United Kingdom and Japan is therefore an important moment.

It provides British exporters with access to an important global market for small businesses, with one in ten Japan seen as a crucial market to exploit. With more than 130,000 small businesses already exporting to Japan, small businesses wishing to expand, maintain or begin exporting to Japan should provide the security they need for the future. Digital provisions and state-of-the-art data that go well beyond the EU-Japan agreement, including the free flow of data, the obligation to respect the principles of net neutrality and the prohibition of unjustified location of data which will prevent British companies from bearing the additional costs of setting up servers in Japan. While our ultimate goal is to strengthen an economic partnership with ASEAN as a whole, we should first make rapid efforts to establish bilateral economic partnerships individually on the basis of the Japan-Singapore Economic Partnership Agreement with key ASEAN member states (including Thailand, the Philippines, Malaysia and Indonesia) , who have shown positive interest in a bilateral free trade agreement with Japan.