On Jan. 31, 2020, the United Kingdom withdrew from the European Union in a process referred to as Brexit (British exit).
The world watched as the country repositioned itself on the world economic stage and in less than a year, deals were being done.
Japan was the first country to agree to a major trade deal with the United Kingdom as an independent trading nation.
The Japan-United Kingdom Comprehensive Economic Partnership Agreement stipulates a new framework for trade and investment.
Japanese foreign direct investment has long played an important role in the British economy and bilateral trade looks set to increase.
“2021 has certainly turned out to be a highly significant year for both Japan and the United Kingdom,” said Hajime Hayashi, ambassador of Japan to the United Kingdom.
“As a new economic framework after Brexit, the Japan-UK EPA came into effect at the beginning of the year. It has provided both Japanese and British businesses with the predictability and legal stability to enable them to continue their activities smoothly. In fact, we have witnessed many instances of new investment after Brexit. I am confident that Japanese companies will continue and even expand their active engagement with the United Kingdom economy.”