London – The British government said Friday that the tariff on imports of the Japanese chocolate snack Pocky will drop by up to 31% once the Japan-U.K. economic partnership agreement comes into effect.
Osaka-based confectionery maker Ezaki Glico Co.’s Pocky, popular in not only Japan but also Britain and other parts of the world, was among the flagship Japanese products named to be subject to lower tariffs in a British government report on the estimated economic effects of the EPA.
British import tariffs will be reduced by up to 13% for udon noodles, 22% for bluefin tuna, 60% for Kobe beef and 6% for soy sauce, according to the report.
The impact assessment of the bilateral pact, released Friday, suggested that Japanese exporters will benefit more from the deal than British exporters will.
The EPA is estimated to raise British exports to Japan by 17.2%, or £2.6 billion (¥355 billion), and Japanese exports to Britain by 79.9%, or £13 billion, in about 15 years compared to the 2019 levels, the report noted.
U.K. International Trade Secretary Liz Truss and Foreign Minister Toshimitsu Motegi signed the bilateral EPA in Tokyo on Friday.
The two governments are hoping to put the deal into effect on Jan. 1 next year after the necessary parliamentary procedures are completed in both countries.
“A historic moment as we formally sign the U.K.-Japan Comprehensive Economic Partnership Agreement, marking a new era of friendship between our nations,” U.K. Prime Minister Boris Johnson said on Twitter.
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