Britain left the EU earlier in January and has been focusing on rechanneling trade pacts globally since its status-quo transition phase marks its end on December 31.
Last month, the deal was discussed in principle to close at 15 billion pounds ($19 billion) amidst challenging conditions beyond the then EU deal. The deal was disclosed to carry all exports to Japan tariff-free, all the while removing British tariffs on Japanese cars by the year 2026.
In a statement, British Trade Secretary Liz Truss said that it’s fitting to be in the land of the rising sun to commence the dawn of an era of free trade at the signing ceremony in Tokyo. The deal will be in place from 1 January 2021.
On the other hand, critics remark that the deal would boost U.K. GDP by merely 0.07%.
Japan’s Foreign Minister Toshimitsu Motegi also welcomed Britain’s enthusiasm in joining the eleven member Comprehensive and Progressive Agreement for Trans-Pacific Partnership trade deal and is ready to extend help.