10/26/2020
Britain and Japan formally signed a trade agreement on Friday, marking the UK's first big post-Brexit deal. The deal, unveiled last month, means nearly all its exports to Japan will be tariff free while removing British tariffs on Japanese cars in phases by 2026. The agreement will also help open the way for the UK to join the Comprehensive Trans-Pacific Partnership, which is a trading bloc consisting of the following 11 countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
The UK and the EU are currently trying to reach a trade agreement before the end of the transition period on December 31, 2020, with the UK set to go onto World Trade Organization rules if no agreement is reached.
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The countries formally sign a deal described by the UK's international trade secretary as "ground-breaking".