Japan's Parliament OKs Trade Pact with Britain
Tokyo, Dec. 4 (Jiji Press)--The Diet, Japan's parliament, approved the Japan-Britain economic partnership agreement at a House of Councillors plenary meeting on Friday, paving the way for it to take effect at the beginning of January.
With the British Parliament also expected to ratify the bilateral trade pact this month, the two countries are seen avoiding confusion for businesses after the transition period following Britain's exit from the European Union early this year expires at the end of this month.
Japan and Britain started trade talks in June and signed the pact in October.
Meanwhile, there remain uncertainties over trade negotiations between Britain and the EU.
Under the Japan-Britain trade pact, which is largely based on the existing Japan-EU trade agreement, Britain will reduce its tariff on Japanese automobiles in stages from the current 7.5 pct to zero in February 2026, while immediately abolishing the tariffs on 92 pct of automotive parts.
[Copyright The Jiji Press, Ltd.]