China News Service, August 10, according to Reuters reports, recently, senior British and Japanese officials said that the two countries have reached substantial agreements on most areas of the bilateral trade agreement between Britain and Japan after Brexit and will try to finalize it before the end of August. Agreement outline.
According to reports, Japanese Minister of Foreign Affairs Toshimitsu Motegi said, "We agree to speed up the negotiation process and hope to reach an agreement on the outline of the agreement by the end of August."
British Secretary of State for International Trade Liz Truss said that the negotiations with Japan that began in June were positive and fruitful.
"We reached a consensus on the main content of the agreement, including ambitious regulations in the areas of digital, data and financial services, which far exceed the scope of the EU-Japan agreement." She said in a statement.
According to reports, Japan is a major investor in British industries, especially consumer electronics and automobile manufacturing. According to British data, the bilateral trade volume between Britain and Japan in 2019 was 31.6 billion pounds, and London hopes that this figure will increase by about 15 billion pounds per year in the long term.
However, although the two countries reached an agreement on the whole it is comforting, but facts have proved that the issue of automobile tariffs and agricultural products is still a difficult point in the British negotiations.
Japan originally hoped to abolish import tariffs on automobiles and auto parts earlier, but the existing trade agreement stipulates that the UK can gradually abolish import tariffs on Japanese cars by 2026.
According to previous reports, the United Kingdom has withdrawn from the European Union on January 31, 2020, and the countdown to the 11-month transition to Brexit has passed halfway. Currently, the UK is seeking to establish a new trade agreement between the UK and Japan based on the 2019 EU-Japan Agreement.