Today, the Secretary of State for International Trade announced the UK’s agreement in principle for a free trade deal with Japan. This is the UK’s first major trade deal as an independent trading nation.
The UK-Japan Comprehensive Economic Partnership Agreement was agreed in principle by Japan’s Foreign Minister, Minister Motegi, and the Rt Hon Elizabeth Truss MP on a video call this morning.
I am really pleased that the historic deal secures additional benefits beyond the EU-Japan trade deal and will give UK companies exporting to Japan a competitive advantage in several areas. Importantly, it will create jobs and drive economic growth throughout the whole of the UK.
UK manufacturers, food and drink producers and the tech sector are all set to benefit from the deal, which include:
- Cutting-edge digital & data provisions, to make it easier for UK tech companies to export and grow
- Improved market access for UK financial services, ensuring UK firms can secure licenses to operate in Japan
- Tariff-free access for more UK goods, from knitwear to biscuits
- New protection for more iconic UK goods, like Cornish pasties and Welsh lamb, could be protected, improving recognition of key UK brands in the Japanese market
- New protections for UK creative industries, tackling online film and music piracy, trademark theft and copyright breaches
- Improved mobility for businesspeople, ensuring quicker visas and easier travel between the UK and Japan
- Paves the way for UK accession to the Trans-Pacific Partnership which will open 11 key pacific markets for exporters, where 95% of goods are tariff free
- Supporting UK car and retail manufacturing reduces tariffs on parts coming from Japan for car and rail manufacturers like Nissan and Hitachi. In turn, this will support jobs
- More generous quota for UK-Japan malt exports, already worth £37 million in 2019
- Big tariff reductions for pork, beef, salmon and stilton cheese exports