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Britain formally left the EU in January and it has focused on
negotiating new trade pacts with countries around the world as
its status-quo transition period ends on Dec. 31.
"How fitting it is to be in the land of the rising sun to
welcome in the dawn of a new era of free trade," British Trade
Secretary Liz Truss told reporters after the signing ceremony in
Tokyo.
"This is the first new free trade deal to be agreed since the UK
once again became an independent trading nation."
The signing comes after Truss and Japanese Foreign Minister
Toshimitsu Motegi reached a broad agreement in September.
Motegi pointed out that the signing came about in just four and
a half months since the start of negotiations.
"This is a manifestation of the determination of Japan and the
United Kingdom to carry on vigorously promoting free trade," the
minister said.
Britain has said the deal meant 99% of its exports to Japan
would be tariff-free, and that it could increase trade by 15.2
billion pounds ($19.9 billion) in the long run, compared with
2018.
The deal removes Britain's tariffs on Japanese cars in stages to
zero in 2026, which is the same as in the Japan-EU trade
agreement.
Motegi said after the signing that he had agreed with Truss to
work together so that the deal will come into force on Jan. 1,
2021.
He also said Japan welcomes Britain's interest in joining the
11-member Comprehensive and Progressive Agreement for
Trans-Pacific Partnership (CPTPP) free trade deal, and intends
to provide necessary support.
Japan is already a member of the CPTPP, which also links Canada,
Australia, Brunei, Chile, Malaysia, Mexico, New Zealand, Peru,
Singapore and Vietnam.
In a meeting with Japanese Economy Minister Yasutoshi Nishimura
later in the day, Truss said there would be a bigger opportunity
with Britain's presidency of the G7 and Japan's chairmanship of
the TPP-11 next year to challenge rising protectionism and make
the case for free trade.
Truss also expressed Britain's strong interests in joining the
11 member TPP trade pact, Nishimura said.
"If UK submits an application to join the TPP-11 next year,
Japan will fulfil our role as a chair nation," he said.
Truss has already said Britain hoped to formally apply to join
the CPTPP early next year.
(Reporting by Kiyoshi Takenaka, Kaori Kaneko and Chang-Ran Kim;
Editing by Raju Gopalakrishnan and Stephen Coates)
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