Businesses in the North West are set to benefit from the new UK-Japan Comprehensive Economic Partnership Agreement which was signed by Trade Secretary Liz Truss and Japan’s Foreign Minister Motegi Toshimitsu in Tokyo this morning (Friday 23 October). The agreement is particularly forward-leaning in a range of areas including food and drink, securing export opportunities for the North West’s producers. The deal could boost trade between the UK and Japan by £15.7 billion and drive economic growth.
There is Huge potential to support our Faming industry through the lifting of British farming exports. Removing trade barriers with Japan will deliver gains for Small to Medium Size Enterprises already exporting and those making plans to enter Japanese market.
In 2019, there were 782 businesses in the North West exporting to Japan. Businesses in the North West exported goods worth £379.6 million to Japan in 2019. £115 million worth of road vehicles exported from the North West to Japan in 2019
Katherine Fletcher MP said:
Great news for the North West today with the signing of the UK-Japan Comprehensive Economic Partnership Agreement. This is a very exciting deal for the North West and could benefit over 700 businesses already exporting to Japan. Today is a historic moment, as the UK’s first major trade deal as an independent trading nation and offering a glimpse of Global Britain’s potential.
International Trade Secretary, Liz Truss said :
Today is a landmark moment for Britain. It shows what we can do as an independent trading nation, as we secure modern and bespoke provisions in areas like tech and services that are critical to the future of our country and the reshaping of our economy.
Trade is a powerful way to deliver the things people really care about. At its heart, this deal is about creating opportunity and prosperity for all parts of our United Kingdom and driving the economic growth we need to overcome the challenges of coronavirus.
The agreement also has a much wider strategic significance. It opens a clear pathway to membership of the Comprehensive Trans-Pacific Partnership – which will open new opportunities for British business and boost our economic security – and strengthens ties with a like-minded democracy, key ally and major investor in Britain.
For more information - https://www.gov.uk/government/news/uk-and-japan-sign-free-trade-agreeme…