Uk Japan Agreement In Principle

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The most modern numerical provisions and data go far beyond the EU-Japan agreement. These will allow the free flow of data while maintaining high standards of protection for personal data. We are also committed to respecting the principles of net neutrality and introducing a ban on geolocation of data, which will prevent UK companies from bearing the additional costs of setting up servers in Japan. This will help UK fintech companies operating in Japan – such as Revolut and Transferwise – innovate and grow. The UK today concluded a free trade agreement with Japan, which is the UK`s first major trade agreement as an independent trading nation. To further strengthen relations between the United Kingdom and Japan, prime minister Yoshihide Suga`s government will support London`s attempt to join the Trans-Pacific Partnership (TPP) free trade agreement, which brings together 11 countries, including Australia, Canada, Singapore, Vietnam, Malaysia and Chile. The agreement is not expected to improve from the government`s planned 0.07% increase in UK GDP of 0.07% (approximately $1.5 billion over the long term). But it will increase trade with Japan by about $15.2 billion. Although Japan accounts for 2% of UK trade, there is still much to thank in the agreement, experts said. We have rounded up five of the most promising things: the agreement between Britain and Japan was approved in principle on September 11, but signed on Friday in the Japanese capital. It is expected to come into force on 1 January next year. UK Trade Minister Liz Truss called the move „a landmark moment for Britain,“ adding: „…

it shows what we (Uk) can do as an independent trading nation. The COMPREHENSIVE economic partnership agreement between the United Kingdom and Japan was agreed in principle this morning (Friday, September 11) by International Trade Minister Liz Truss and Japanese Foreign Minister Motegi Toshimitsu in a video call. The agreement is essentially in line with the Economic Partnership Agreement reached in February 2019 between the European Union and Japan. [11] The Director General of the British Chambers of Commerce, Adam Marshall, described the announcement as an important step, but added: „While this agreement is undoubtedly a cause for celebration, the guarantee of a free trade agreement with the EU remains crucial for the future of business in the UK. Japanese Foreign Minister Toshimitsu Motegi said: „Negotiations have been very difficult, but in principle we have reached the agreement at an unusually rapid pace in about three months.