Japan-UK trade deal – there is more to do
Andrew Hood, a Partner specialising in EU, Trade, Regulatory, Public Affairs and Public International Law at European law firm, Fieldfisher comments on the Japan-UK trade deal
"The announcement that the UK has agreed a trade deal with Japan is great news for businesses in the UK that already trade with Japan, and for businesses that will seek to do so in future. It is also positive news that the Government has opened the door to support trade in new areas, like financial services.
"This new deal means there is now certainty for businesses in the UK about what happens to their trading relationship with Japan on the 1st January 2021. While we congratulate the UK Government for securing this agreement, there remains more work to be done with the EU and the rest of the world to bring that certainty to other trading relationships.
"Japan is only one of more than 60 countries the UK currently trades with under EU free trade agreements. On New Year's Day 2021, the UK ceases to be a party to those agreements and by that date must either negotiate a bilateral free trade agreement with each of those trading nations, or failing that, will have to trade under WTO and other international obligations."
