Connect with us

WORLD

Britain and Japan sign post-Brexit trade deal

Published

on

Japan and Britain signed a free trade agreement on Friday that is to come into force at the end of the current post Brexit transition period.

Japanese Foreign Minister, Toshimitsu Motegi and Britain’s International Trade Secretary, Liz Truss signed the agreement in Tokyo.

It paves the way for the agreement to begin on Jan. 1, after Britain ceases to be bound by EU trade rules.

The deal is still subject to scrutiny by the parliaments of both countries.

The UK-Japan Comprehensive Economic Partnership Agreement (CEPA) was agreed in principle last month and hailed by Britain as its first major trade deal since it formally left the European Union.

The agreement is expected to boost British trade with Japan by an estimated 15.2 billion pounds (19.5 billion dollars), the British government said last month.

The agreement largely corresponds to the existing free trade agreement between Japan and the EU.

Britain formally left the EU on Jan. 31, and entered a transition period until the end of the year, during which it still belongs to the EU single market and customs union.

While Japanese companies welcome the agreement, they are also concerned over whether London will really be able to reach an agreement with the EU for the period after the end of the transition period.

Halima Sheji

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

NIGERIA DECIDES

NIGERIA DECIDES

Shell Digital Plan RESPONSIVE600x750
Shell Digital Plan RESPONSIVE600x750
GTB
JoinOurWhatsAppChannel