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U.K., Japan sign Comprehensive Economic Partnership Agreement
Kind: ICD What's New  Organization: Department of International Cooperation  Publish Date: 2020-10-27 16:18
The United Kingdom and Japan formally signed a bilateral Comprehensive Economic Partnership Agreement on Oct 23, marking the U.K.’s first major post-Brexit trade deal.Japanese Foreign Minister Toshimitsu Motegi and U.K. Trade Minister Liz Truss signed the accord in Tokyo.

The U.K. formally left the European Union in January this year, and it has focused on negotiating new trade pacts with countries around the world as its status-quo transition period ends this Dec. 31. The U.K. continues to struggle to agree on a deal with its closest trading partners in the EU.

The trade deal with Japan removes the U.K.’s tariffs on Japanese cars in stages to zero by 2026, which is the same as in the Japan-EU trade agreement. The two sides will seek approval from their respective parliaments, and the deal will come into force on Jan. 1, 2021.

Sources: Reuters; Financial Times; Euronews; www.gov.uk

Update: 2020-04-23
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