British Parliament Also OKs Trade Pact with Japan
London, Dec. 7 (Jiji Press)--Britain's parliament has approved the Japan-Britain economic partnership agreement aimed at setting new bilateral rules on trade and tariffs, the British Department for International Trade said Monday.
The EPA, which has already been approved by Japan's parliament, is planned to take effect on Jan. 1 next year.
The deal with Japan is Britain's first trade pact with a major economy following its exit from the European Union in January 2020. When the Brexit transition period expires at the end of this year, the Japan-EU EPA will cease to be applicable to Britain.
Under the Japan-Britain EPA, Britain will immediately abolish most of its tariffs on automotive parts imported from Japan. The bilateral pact will also prohibit both governments from demanding that companies disclose cryptographic and artificial intelligence algorithms.
[Copyright The Jiji Press, Ltd.]