LONDON/TOKYO (Reuters) – Britain said on Friday it had reached its first post-Brexit trade deal with Japan, as talks between London and the European Union on their future relationship entered a new high-stakes phase.

Calling this agreement a “historic moment”, the British government specified that it would mean an exemption from customs duties for 99% of its exports to Japan. According to the British Department of Trade, the agreement will also increase trade between the two countries in the long term by 15.2 billion pounds (16.4 billion euros).

The clauses on digital and computer data go “far beyond” those of the agreement signed between the European Union and Japan, which should constitute help for British “fintech” companies operating in Asian countries, London added.

Financial services firms, food and cheese producers, bakers and coat makers will benefit from the deal, which represents an “important step” towards Britain’s accession to the EU. London explained.

Japanese groups that have invested heavily in the United Kingdom, such as Nissan and Hitachi, will benefit from reduced customs duties on spare parts from Japan and simplified regulatory procedures, according to a press release from the British Department of Commerce.

“This is a historic moment for the UK and Japan with our first major post-Brexit trade deal,” said British Trade Minister Liz Truss.

“The deal we have negotiated – in record time and in difficult circumstances – goes far beyond the existing EU-brokered deal, ensuring greater success for British businesses in our brilliant manufacturing sectors: manufacturing, food and drink and technology”.

According to the Japanese Minister of Foreign Affairs, Toshimitsu Motegi, the agreement between the United Kingdom and Great Britain, which must be ratified by the Japanese Parliament at the end of this year, could come into force next January.

This bilateral agreement with Japan was considered one of the easiest to complete, as the agreement negotiated by the European Union had already largely passed through. Other negotiations, particularly with the United States, are moving more slowly.

While British Prime Minister Boris Johnson has often stressed that Brexit gives his country the freedom to strike trade deals with other countries around the world, his critics argue that such deals are unlikely to be enough to offset the losses of exports with the EU, especially in case of “no agreement”.

Talks between London and Brussels have entered a new crisis since the British Government presented a bill on Wednesday that questions certain aspects of the withdrawal agreement signed in January by the two parties.

Europe’s chief Brexit negotiator, Michel Barnier, said on Thursday that the European Union was accelerating its preparations for a possible no-deal exit by the United Kingdom at the end of the year. (William Schomberg in London and Kiyoshi Takenaka in Tokyo; French version Claude Chendjou, edited by Henri-Pierre André)