UK, Japan Reach New Trade Agreement

The United Kingdom (UK) has reached a trade agreement with Japan for the post-Brexit stage, which is the first of its kind for London, Reuters reported.

Under the new deal with Japan, around 99% of British exports will be exempted from tariffs.

Bilateral trade reached GBP 29.5 billion in 2018, and could further increase under the new deal by GBP 15.2 billion.

This comes at a time in which trade negotiations with the European Union (EU) are stalling due to a number of disagreements.

In addition, Speaker of the US House of Representatives Nancy Pelosi has warned on Thursday that if the UK violated international law and its withdrawal agreement with the EU, Congress will not pass a free-trade agreement between the United States and the UK. Talks are reportedly progressing slowly between London and Washington for a free-trade deal.