Since 1975
  • facebook
  • twitter
  • instagram
  • Home
  • Japan-Britain trade pact to take effect on New Year’s Day

Japan-Britain trade pact to take effect on New Year’s Day

The new bilateral trade pact is largely based on the existing Japan-EU economic partnership agreement. The Japanese and British governments signed the pact in October, making it Britain's first trade deal with a major economy after its departure from the EU. (AFP)
The new bilateral trade pact is largely based on the existing Japan-EU economic partnership agreement. The Japanese and British governments signed the pact in October, making it Britain's first trade deal with a major economy after its departure from the EU. (AFP)
Short Url:
30 Dec 2020 08:12:52 GMT9
30 Dec 2020 08:12:52 GMT9

TOKYO: The Japan-Britain economic partnership agreement, reached following Britain’s exit from the European Union, is set to take effect on Friday, New Year’s Day, after the post-Brexit transition period ends on Thursday.

The new bilateral trade pact is largely based on the existing Japan-EU economic partnership agreement. The Japanese and British governments signed the pact in October, making it Britain’s first trade deal with a major economy after its departure from the EU.

Under the new trade pact, Britain will immediately abolish its tariffs on train cars and automotive parts imported from Japan, while reducing tariffs on Japanese automobiles in stages to zero in February 2026.

Both governments will be prohibited from demanding that companies disclose algorithms for cryptography and artificial intelligence.

The Japan-Britain pact also includes advanced provisions on trademark, design and other intellectual property rights.

Meanwhile, no low-tariff quota will be set for British exports of farm products to Japan, reflecting the Japanese side’s consideration for domestic farmers.

JIJI Press

topics

return to top