V17.103 Reciprocal arrangements with third countries
The UK, as an independent trading nation, may now conclude trade agreements with other countries. At the time of writing (December 2020), the UK had successfully concluded a trade agreement with (amongst others) Japan, formerly known as the UK-Japan Comprehensive Economic Partnership Agreement. Prior to the UK leaving the EU, it was bound by EU rules under which the EU was entitled, on behalf of member states, to conclude, with a third state, a union of states, or an international organisation, agreements establishing an association involving reciprocal rights and obligations, common action and special procedures1.
As a result of the UK-Japan trade agreement UK businesses benefit from tariff-free trade on 99% of exports to Japan. In particular, food and drink producers and the tech sector benefit from the measures, which include:
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