The UK and Japan have finally agreed on a free trade deal, as Britain attempts to secure easy access to overseas markets.
Britain will no longer be covered by a EU-Japan free trade deal when the post-Brexit transition period expires at the end of this year.
The UK government claimed the agreement will boost trade with Japan by over £15bn over the next 15 years and UK businesses will enjoy tariff-free trade on 99% of exports to the country.
The deal is expected to be finalised in October.
Liz Truss, the international trade secretary, said the agreement with Japan was a “historic moment” for both countries.
“Over the coming months, we will finalize and ratify this agreement and, in doing so, underpin our trading relationship with the third-largest economy in the world for years to come. This is just the beginning for Global Britain,” Truss added.
However, the deal takes place against the backdrop of a bitter dispute between London and Brussels after the United Kingdom unveiled a draft Brexit law earlier this week to rewrite parts of its EU withdrawal deal. However, the European Union has warned that the move could have serious consequences.
