Japan, Britain to Sign Trade Deal in Oct.

Economy Politics

London, Sept. 11 (Jiji Press)--Japan and Britain are expected to sign a bilateral trade pact in Tokyo in October after reaching a broad agreement on it Friday, according to the British government.

The Japanese and British governments aim to put the pact into effect Jan. 1 next year after winning parliamentary approvals.

The deal includes measures benefiting Hitachi Ltd. <6501>, Nissan Motor Co. <7201> and other Japanese companies operating in Britain.

According to the Japanese government, British tariffs on railroad vehicles and parts imported from Japan will be scrapped immediately when the pact takes effect.

Under Japan's economic partnership agreement with the European Union, put into effect in 2019, the EU tariffs on such Japanese products will not be abolished until the 13th year in consideration for German electronics giant Siemens AG and French rail vehicle maker Alstom SA.

[Copyright The Jiji Press, Ltd.]

Jiji Press