The UK announced a $19.5 billion deal with Japan replicating the current EU-Japan deal and representing its first major post-Brexit trade agreement.
Dubbed the UK-Japan Comprehensive Economic Partnership Agreement, it was agreed in principle by Japan Foreign Minister Toshimitsu Motegi and UK International Trade Secretary Liz Truss during a video call on Friday.
The new bilateral agreement with Japan is seen as a sign that the UK can strike agreements elsewhere.
Prime Minister Boris Johnson said the deal showed that the UK had taken back control of its trade policy and would thrive as a trading nation outside the EU.
Truss noted that the agreement was negotiated in record time and in challenging circumstances and goes far beyond the existing EU deal.
Motegi said that Japan maintained its level of access to the UK market under the Japan-EU EPA while bolstering its access to the UK auto parts and train cars sector.
It would take effect on January 1, following domestic ratification.
Under the deal, around 99 percent of exports between the two nations will be tariff-free.
Japan will benefit from reduced tariffs with its manufacturing parts, while the UK would benefit from its pork, beef, and salmon exports.
The deal covers provisions on brand protection for iconic British goods, such as Yorkshire Wensleydale cheese, Welsh lamb, and English sparkling wine.
It also includes measures on online infringement of intellectual property rights.
The UK and the EU are thrashing out the terms of their new relationship from January 1 next year.
But the wrangling has become increasingly bitter with the EU threatening legal action after the UK vowed to implement a new law that would break its treaty.


BoE Set to Cut Rates as UK Inflation Slows, but Further Easing Likely Limited
Bank of Japan Poised for Historic Rate Hike as Inflation Pressures Persist
Japan Exports to U.S. Rebound in November as Tariff Impact Eases, Boosting BOJ Rate Hike Expectations
U.S. Dollar Steadies Near October Lows as Rate Cut Expectations Keep Markets on Edge
Gold and Silver Surge as Safe Haven Demand Rises on U.S. Economic Uncertainty
Asian Fund Managers Turn More Optimistic on Growth but Curb Equity Return Expectations: BofA Survey
Asian Currencies Trade Sideways as Dollar Weakens Ahead of Key U.S. Data
Asian Technology and Chipmaking Stocks Slide as AI Spending Concerns Shake Markets
Chinese Robotaxi Stocks Rally as Tesla Boosts Autonomous Driving Optimism
RBA Unlikely to Cut Interest Rates in 2026 as Inflation Pressures Persist, Says Westpac
Trump Orders Blockade of Sanctioned Oil Tankers, Raising Venezuela Tensions and Oil Prices
Asian Stocks Slide as AI Valuation Fears and BOJ Uncertainty Weigh on Markets
Silver Prices Hit Record High as Safe-Haven Demand Surges Amid U.S. Economic Uncertainty
Dollar Holds Firm Ahead of Global Central Bank Decisions as Yen, Sterling and Euro React
U.S. Stock Futures Edge Higher as Micron Earnings Boost AI Sentiment Ahead of CPI Data
Wall Street Futures Slip as Tech Stocks Struggle Ahead of Key US Economic Data 



