The government has secured our first major free trade deal as an independent trading nation with Japan. This deal will boost trade between our two countries by £15.2 billion, creating jobs and delivering new opportunities across every part of the United Kingdom.
This is an historic moment for the UK and Japan as our first major post-Brexit trade deal, underscoring the opportunities that exist for our country as we strike out in the world and delivering on our manifesto commitment.
The agreement we have negotiated – in record time and in challenging circumstances – goes far beyond the existing EU deal, as it secures new wins for British businesses in our great manufacturing, food and drink, and tech industries.
From our automotive workers in Wales to our shoemakers in the North of England, this deal will help build back better as we create new opportunities for people throughout the whole of the UK and help level up our country.
Our new trade deal with Japan:
Maria Caulfield MP said “This exciting trade deal will boost trade by £15.2 billion between our two countries, helping to create jobs and drive economic growth throughout the whole of the UK. Our new trade deal is tailored to the UK economy and secures additional benefits beyond the current EU Japan trade deal, giving UK companies exporting to Japan a competitive advantage in a number of areas.”
“Delivering new opportunities for every part of our economy, helping us to bounce back as we recover from coronavirus. UK businesses will benefit from tariff-free trade on 99 per cent of exports to Japan. Our analysis also shows that a deal with Japan will deliver a £1.5 billion boost to the UK economy, and increase UK workers’ wages by £800 million in the long run.”
Marking an important step towards our accession to the Trans-Pacific Partnership, expanding global opportunities for UK businesses. We have secured a strong commitment from Japan to support our accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This will give UK businesses a gateway to the Asia-Pacific region and help to increase the resilience and diversity of our supply chains.