The United Kingdom and Japan have signed a historic free trade agreement, marking a significant milestone in the UK`s post-Brexit trade strategy. This deal is the first major trade agreement that the UK has signed independently since leaving the European Union.

This agreement was signed on October 23, 2020, by UK International Trade Secretary, Liz Truss, and Japan`s Foreign Minister, Toshimitsu Motegi, during a virtual ceremony held in Tokyo. The UK and Japan`s free trade agreement will cover sectors such as agriculture, food and drink, and digital industries, among others.

As part of the agreement, the UK has secured tariff reductions on exports to Japan, including Scotch whisky, cheese, and pork. This deal is expected to boost trade between the two countries by £15.2 billion, or $19.5 billion, annually.

The UK-Japan trade agreement has been hailed as a significant milestone for both countries, especially as Japan is the UK`s second-largest trading partner in Asia. This deal will ensure that businesses from both countries can continue trading on preferential terms, even after the UK leaves the European Union.

For the UK, this agreement is crucial to its post-Brexit trade strategy. With the Brexit transition period set to end on December 31, 2020, the UK is looking to secure trade agreements with major economies outside of the European Union. This UK-Japan trade agreement sets a precedent for future free trade agreements that the UK may negotiate with other countries.

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In summary, the UK and Japan`s free trade agreement is a significant milestone for both countries. The deal enhances trade relations between the two nations, provides new opportunities for businesses, and sets a precedent for future post-Brexit trade agreements that the UK may negotiate with other countries.

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