UK’s first major trade deal as an independent trading nation with Japan.

Prime Minister, Boris Johnson announced the news via his verified social media outlets:

“The UK has just signed a major Free Trade Agreement with Japan. Congratulations to Liz Truss and all who took part in the negotiations. We have taken back control of our trade policy & will continue to thrive as a trading nation outside the EU”,

Refer to his post below:

Analysis shows that the UK’s
deal with Japan will deliver a £1.5 billion boost to the UK economy and increase UK workers’ wages by £800 million in the long run.

Toshimitsu Motegi, the Japanese foreign minister, and UK trade minister Liz Truss will held a teleconference on Friday morning London time to confirm their agreement in principle to a new free trade pact.

The deal with Tokyo came at a welcome time for Prime Minister Boris Johnson as his move to unpick parts of the Brexit withdrawal treaty risks the
collapse of trade talks with Brussels.

Negotiators said they had reached a compromise on agricultural access to Japan, most notably for British cheese.

The deal will largely replicate the existing EU-Japan free trade agreement, which will cease to apply to the UK when the Brexit transition period runs out at the end of this year.

It will ensure that both sides maintain the benefits of lower tariffs. They have also agreed to expanded rules on digital trade, such as a ban on demanding algorithms or source code from software applications sold by the other country.

One of the biggest sticking points was so-called tariff rate quotas in agriculture, which let European farmers export a limited amount of sensitive foodstuffs to Japan at a lower tariff. Tokyo argued that it was up to London to argue with Brussels for a share of the existing quota and it could not offer more.