TOKYO — Japan’s parliament on Friday completed ratification of a free trade deal with the U.K., a key move for supporting Japanese auto companies, railcar makers and other industrial groups through Britain’s looming exit from the European Union.
The economic partnership agreement, set to take effect Jan. 1, saves Japanese manufacturers operating in the U.K. from a Brexit “cliff edge” at the end of this month.
But a trade deal between the U.K. and EU remains necessary to ensure these companies have frictionless commerce with the European bloc after Brexit.
The Japan-U.K. agreement “ensures continuity for Japanese and British companies, and it is hoped that bilateral trade and investment will advance under the agreement’s high standards,” Japanese Foreign Minister Toshimitsu Motegi told reporters Friday following a cabinet meeting.
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