The United Kingdom has struck its first post-Brexit trade deal with Japan, an event which Number Ten called ‘historic’.
The U.K. has been fighting with the globalist European Union to break away from burdensome trade regulations which hamper Britain’s economy. A free and economically-untethered United Kingdom frightens Brussels to its very core, which demands an ‘equal playing field’; in other words, we want you burdened with the same socialist ideology that we are, otherwise, it’s not ‘fair trade’.
Britain’s trade department said U.K. businesses would benefit from tariff-free trade on 99% of exports to Japan. It also suggested the deal would see the country increase trade with Japan by £15.2 billion ($19.5 billion).
The deal will include digital and data provisions that go “far beyond” the EU-Japan deal, Britain claimed, enabling the “free flow of data whilst maintaining high standards of protection for personal data,” reported CNBC.
“This is a historic moment for the UK and Japan as our first major post-Brexit trade deal,” Liz Truss, U.K. international trade secretary, said in a statement.
“Strategically, the deal is an important step towards joining the Trans-Pacific Partnership and placing Britain at the centre of a network of modern free trade agreements with like-minded friends and allies.”
The deal should be finalized by both countries by the end of the year.
Digital and data provisions in the agreement went “far beyond” those in the EU’s trade deal with Japan, helping British fintech firms operating in the Asian country, reported Reuters.
Brussels Freak Out
In related news, Brussels’ trade representatives are not happy with the U.K.’s latest stance on trade negotiations.
As expected, Brussels isn’t thrilled about new draft legislation from UK PM Boris Johnson that would effectively invalidate the hated “Irish Backstop” – as the provision in the withdrawal agreement was known before the treaty was ratified, reported Zero Hedge.
Commission VP Maros Sefcovic – the lead representative on the joint committee overseeing the withdrawal agreement – threatened legal action and threatened to cut off talks. In an official statement delivered by Sefcovic, the new legislation introduced by PM Johnson and his allies had “seriously damaged” trust between the EU and UK and that “it would constitute an extremely serious violation of the Withdrawal Agreement and of international law”. They demanded that the bill be scrapped by the end of the month “or else”.