UK signs free trade deal with Japan
London is looking for new partners to trade.
AP Photo / Matt Dunham
Text by: RFI Follow
In the midst of a crisis with the European Union, London signed its first major trade agreement since Brexit.
To compensate for lost exports with the European Union in the event of no agreement, London is looking for economic partnerships with other countries.
The free trade agreement signed between London and Tokyo is due to enter into force on January 1, 2021. It will increase trade between the two countries by around 16.5 billion euros.
99% of UK exports to Japan will escape tariffs.
The treaty will notably benefit the agri-food and technological sectors.
On the Japanese side, it will improve access to the UK market for wagons and auto parts.
In order to limit the impact of Brexit on its exports to the European Union, the British government is increasing trade agreements around the world.
He has already signed agreements with South Korea, Switzerland, Israel, Morocco and Tunisia before Brexit and hopes to sign a free trade agreement with the United States.
Others are in discussion with Australia and New Zealand.
As for future relations with the European Union, its main trading partner, discussions are stalling because
of London's desire to revisit certain points of the
signed at the end of 2019.
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