Glamtush
No Result
View All Result
  • Home
  • News
  • Beauty
  • Business & Brands
  • Entertainment
  • Fashion
  • Features
  • Lifestyle
  • Politics
  • Sports
  • Telenovelas
  • Events
  • Home
  • News
  • Beauty
  • Business & Brands
  • Entertainment
  • Fashion
  • Features
  • Lifestyle
  • Politics
  • Sports
  • Telenovelas
  • Events
No Result
View All Result
Glamtush
No Result
View All Result
Home Business & Brands

UK Signs First Major Post-Brexit Trade Deal

byeditor
September 11, 2020
in Business & Brands, News, World News
Reading Time: 2 mins read
UK
Share on FacebookShare on TwitterShare on PinterestShare on WhatsappShare on LinkedinShare on Telegram

UK Signs First Major Post-Brexit Trade Deal

 

READ ALSO

Primate Ayodele Releases 31st Edition Of Annual Prophecy Book “Warnings To The Nations”

GTCO Plc Becomes 1st Financial Services Institution In West Africa To Achieve Listing And Trading Of Its Ordinary Shares On The London Stock Exchange

 

 

The UK has stuck its first major post-Brexit trade deal after signing an agreement in principle with Japan which aims to boost trade by about £15bn.

International Trade Secretary Liz Truss said it was an “historic moment” for the two countries.

She said it would bring “new wins” for British businesses in manufacturing, food and drink, and tech industries.

However, critics say such deals will not replace trade likely to be lost if the UK cannot agree a deal with the EU.

Friday’s deal still needs approval by Japan’s parliament. Trade representatives there forecast the agreement should get clearance by January.

Ms Truss said the UK-Japan Comprehensive Economic Partnership Agreement means 99% of exports to Japan will be tariff-free.

“The agreement we have negotiated – in record time and in challenging circumstances – goes far beyond the existing EU deal, as it secures new wins for British businesses in our great manufacturing, food and drink, and tech industries,” she said.

“From our automotive workers in Wales to our shoemakers in the North of England, this deal will help build back better as we create new opportunities for people throughout the whole of the UK and help level up our country.”

She added that, strategically, the deal was an important step towards joining the Trans-Pacific Partnership and placing Britain at the centre of a network of free trade agreements.

Major Japanese investors in the UK such as Nissan and Hitachi would benefit from reduced tariffs on parts coming from Japan and streamlined regulatory procedures, the UK’s trade department statement said.

Prime Minister Boris Johnson has said Brexit gives Britain the freedom to strike trade deals with other countries around the world.

Business leaders welcomed the agreement, but stressed that securing a deal with the EU remained the most important goal.

The director general of the British Chambers of Commerce, Adam Marshall, called the announcement a milestone, but added: “Whilst this agreement is undoubtedly cause for celebration, securing a Free Trade Agreement with the EU remains critical to the future of businesses in the UK.

“We urge ministers to redouble their efforts to reach a comprehensive partnership with our largest trading partner at a crucial time in the negotiations.”

A small step

You can almost hear the sighs of relief echoing around Westminster and within the business community.

After much wrangling, the first deal of the Brexit era has been struck, which ensures that 99% of British goods can enter Japan without tariffs, or extra charges.

But ultimately, this deal largely mirrors the agreement that already exists between the EU and Japan. And with trade with Japan accounting for just 2% of the UK’s total, the expected boost to GDP – 0.07% or £1.5bn over the long term – is a tiny fraction of what the UK stands to lose by foregoing its existing relationship with the EU.

And while this deal has been struck in record time, it hasn’t been quite as speedy as either side hoped.

The UK was keen to demonstrate that it can score added benefits from going it alone, while Tokyo was minded to show that it was not going to grant a more favourable deal to a single country than to a large trading bloc such as the EU.

The bumps may not bode well for other, more complex negotiations.

Related Posts

Prophecy Book
News

Primate Ayodele Releases 31st Edition Of Annual Prophecy Book “Warnings To The Nations”

July 6, 2025
GTCO Plc
Business & Brands

GTCO Plc Becomes 1st Financial Services Institution In West Africa To Achieve Listing And Trading Of Its Ordinary Shares On The London Stock Exchange

July 5, 2025
Building Collapse In Lagos
News

Real Estate Industry Experts, Stakeholders Raise Alarm Over Building Collapse In Lagos, Seek Urgent Reform

July 4, 2025
Zenith Bank
Business & Brands

Zenith Bank Tops Nigeria’s Banking Sector For 16th Consecutive Year In The 2025 Top 1000 World Bank’s Ranking 

July 4, 2025
Young Entrepreneurs
Business & Brands

Unity Bank Empowers Young Entrepreneurs With ₦16M Business Grant

July 3, 2025
World Environment Day 2025
Business & Brands

Union Bank Strengthens Sustainability Leadership With Symposium And School Recycle Bin Donations On World Environment Day 2025 

July 3, 2025
Next Post
Family Ran Away From Benue

Killed Militia Leader, Gana’s Wife Demands ₦5 Billion Compensation From Federal Govt

LATEST COVER

Priscilla Ojo

GPBN Associates Member

Fidelity Bank

Zenith Bank

Prophecy Book

Primate Ayodele Releases 31st Edition Of Annual Prophecy Book “Warnings To The Nations”

July 6, 2025
Adron Homes

Adron Homes Made My Dream Come True  — New Homeowner Shares Inspiring Testimony

July 5, 2025
GTCO Plc

GTCO Plc Becomes 1st Financial Services Institution In West Africa To Achieve Listing And Trading Of Its Ordinary Shares On The London Stock Exchange

July 5, 2025
Building Collapse In Lagos

Real Estate Industry Experts, Stakeholders Raise Alarm Over Building Collapse In Lagos, Seek Urgent Reform

July 4, 2025
Zenith Bank

Zenith Bank Tops Nigeria’s Banking Sector For 16th Consecutive Year In The 2025 Top 1000 World Bank’s Ranking 

July 4, 2025
Peter Rufai Is Dead

Former Super Eagles Goalkeeper Peter Rufai Is Dead

July 3, 2025
Young Entrepreneurs

Unity Bank Empowers Young Entrepreneurs With ₦16M Business Grant

July 3, 2025
World Environment Day 2025

Union Bank Strengthens Sustainability Leadership With Symposium And School Recycle Bin Donations On World Environment Day 2025 

July 3, 2025
Diogo Jota

Liverpool Forward Diogo Jota Dies In Car Crash

July 3, 2025
Fidelity Bank

Fidelity Bank Extends Relief Efforts To Eti-Osa Community With Food Bank Initiative

July 2, 2025

GLAMTUSH

 

Glamtush publishes the latest trends in fashion, beauty, and lifestyle, as well as those making the fashion world interesting and adorable.

RELEVANT PAGES

  • About Us
  • Advertise
  • Contact Us

REACH OUT

Do you have any news for us? Event Coverage, Press Releases or Adverts? Then reach out to us via glamtush@gmail.com or glamtush15@gmail.com

OFFICE ADDRESS

Lagos, Nigeria

Copyright © 2022 Glamtush

  • About Us
  • Advertise
  • Contact Us
  • Disclaimer
  • Glamtush – Nigeria News, Nigerian Newspapers, Naija News
  • Glamtush – Nigeria News, Nigerian Newspapers, Naija News
  • Terms And Conditions
  • Write for Us

© 2022 Glamtush

No Result
View All Result
  • Home
  • News
  • Beauty
  • Business & Brands
  • Entertainment
  • Fashion
  • Features
  • Lifestyle
  • Politics
  • Sports
  • Telenovelas
  • Events

© 2022 Glamtush