Britain And Japan Sign Free Trade Agreement

As the first major trade agreement between independent trading countries, UK Japan Comprehensive Economic Partnership (UK Japan comprehensive economic partnership) was signed by Liz truss, British Minister of international trade, and Motegi? Toshimitsu, Minister of foreign affairs of Japan, on October 23, 2020 nomic Partnership Agreement, CEPA)。

The agreement is in the economic interests of both sides and goes beyond the existing EU Japan free trade agreement, which is particularly beneficial to digital and data, financial services, food and beverage, and creative industries. The agreement is expected to increase trade between the UK and Japan by more than 15 billion pounds, which will be more important to reshape the UK's long-term economy after the outbreak.

The comprehensive economic partnership agreement between Britain and Japan is the first economic and trade agreement in Britain which is higher than the commitment of EU foreign trade agreement. The contents of higher treatment are as follows:

Include the digital & data section, including the free flow of data, the commitment to adhere to the principle of network neutrality, and the prohibition of unreasonable data localization, so that British enterprises can set up servers in Japan without additional costs. Supporting investors in the UK's auto and rail manufacturing industries, such as Nissan and Hitachi, will reduce tariffs on components from Japan and simplify regulatory procedures.

Farmers and food exporters will benefit from significant tariff reductions on key agricultural products such as pork, beef and salmon. Through the regulation of geographical indications, more iconic agricultural products can be protected in the UK. The EU Japan free trade agreement only protects the agricultural products with seven geographical indications, while the CEPA of Britain and Japan covers more than 70, including British sparkling wine, Scottish beef and Welsh mutton. From udon noodles to bluefin tuna and Kobe beef, British consumers will benefit from cheap and high-quality Japanese goods.

The agreement also includes Japan's commitment to support Britain's accession to the trans Pacific Partnership Agreement (cptpp), which will help strengthen UK trade ties with 11 Pacific countries and set new standards for Global trade. Government analysis found that an agreement with Japan will increase British GDP by about 0.07% in 15 years, and increase British workers' wages by 800 million pounds in the long run. The text of the agreement will be placed in Parliament for 21 working days under the UK's constitutional reform and Governance (crag) act.