The upper house of the Japanese parliament has given its approval to the country's post-Brexit trade deal with the United Kingdom, one month after the lower house also gave the green light to the agreement, domestic news outlets reported on Friday
MOSCOW (Pakistan Point News / Sputnik - 04th December, 2020) The upper house of the Japanese parliament has given its approval to the country's post-Brexit trade deal with the United Kingdom, one month after the lower house also gave the green light to the agreement, domestic news outlets reported on Friday.
According to the Kyodo News agency, some Japanese companies have welcomed the deal. However, many firms, particularly carmakers that procure parts in the European Union and conduct assembly work in the UK, have concerns whether London and Brussels will finalize their own trade deal before the end of the Brexit transition period, which expires at the end of the year.
The agreement still requires the approval of the UK Parliament before it can enter into force.
UK International Trade Secretary Liz Truss and the Japanese foreign minister, Toshimitsu Motegi, signed the trade deal, which includes a commitment to cut tariffs on Japanese cars to zero by 2026, back in October.
Boris Johnson, the UK's prime minister, has said that his country's exit from the European Union will give the United Kingdom the opportunity to strike new, more advantageous trade deals with countries across the world.
