UK and Japan start trade negotiations
Topics: JAPAN UK
The agreement will build on the existing EU-Japan deal. It will go further by securing additional benefits in areas such as digital trade, and providing support for the UK’s 5.9 million small businesses.
It will allow the UK and Japan to set new standards in areas of digital technology and e-commerce, helping to establish our position as a global technology superpower.
Last year, UK trade with Japan was worth over £30 billion and 9,500 UK based businesses exported goods to the country, helping to employ 2.4 million people across the UK. A bespoke free trade agreement with Japan will help generate significant opportunities throughout the economy, creating jobs, boosting wages and diversifying choice for consumers.
UK-Japan trade talks are also an important step towards our joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a key UK priority, which will help us diversify our trade and grow the economy.
The UK and Japan are committed to an ambitious timeline to secure a deal that will enter into force by the end of 2020. Both countries are also dedicated to leading the global response to the economic challenges posed by coronavirus, making international trade easier and fairer and avoiding a retreat into protectionism.
The International Trade Secretary Liz Truss and the Japanese Minister for Foreign Affairs Motegi Toshimitsu are launching negotiations via video conference call.
On the UK side, talks will be led at official level by Graham Zebedee, with all UK trade negotiations being overseen by Crawford Falconer, DIT’s Chief Trade Negotiation Adviser.
Government analysis shows a UK Japan FTA will benefit every region and nation of the UK, with the greatest benefits in Scotland, London and the East Midlands. ■