UK announces first major post-Brexit trade deal with Japan

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UK announces first major post-Brexit trade deal with Japan
UK announces first major post-Brexit trade deal with Japan

UK announces first major post-Brexit trade deal with Japan. The UK has announced its first major post-Brexit trade pact by signing a deal with Japan. The UK-Japan Comprehensive Economic Partnership Agreement was agreed in principle by International Trade Secretary Liz Truss and Japan Foreign Minister Toshimitsu Motegi.

Aim:

The deal aims to boost trade between these two countries by about Euro 15bn. The deal would boost UK GDP by 0.07%, though, it is just a fraction of the trade that was lost with the European union (EU).

The deal is an important step towards joining the Trans-Pacific Partnership. This would further place Britain at the centre of a network of free trade agreements.

Japanese investors in the UK including Nissan and Hitachi would be benefited from reduced tariffs on parts coming from Japan.

About UK:

  • Capital: London
  • Currency: Pound Sterling

About Japan:

  • Capital: Tokyo
  • Currency: Japanese yen

Related Questions:

1) Recently, India has signed Logistics agreement on “Reciprocal Provision Supplies and Services” with which country? – Japan

2) Recently, India, Australia held meeting on Supply Chain Resilience with which country? – Japan

3) PM Modi participated at the Global Vaccine Summit that was led by which country? – UK

4) Name the joint military exercise performed by India & UK. – Ajeya Warrior

5) UK to mint coin in remembrance of which Indian Leader? – Gandhi Ji

6) Indra Dhanush is a joint Air Force Exercise between India and which country? – UK

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