The UK and Japan have reached an agreement on an Economic Partnership Agreement (EPA), similar to that with the EU, which will result in the reduction and elimination of product tariffs. However, no import quotas will be set for 25 items in the UK, unlike in the European EPA. The agreement is expected to be in effect from January next year, and both countries will apply the same tax rate as the European EPA. The UK is also open for negotiations for additional markets, such as the US, EU, and other countries, but the final negotiations were challenging due to issues like the import of British specialty cheeses.