Today, the UK has secured a major free trade deal with Japan which will increase our trade with Japan by an estimated £15.2bn! UK businesses will benefit from tariff-free trade on 99% of exports to Japan, which as I wrote previously is amazing news for producers in the South West. Analysis shows that a deal with Japan will also deliver a much needed £1.5 billion boost to the UK economy and increase UK workers’ wages by £800 million in the long run.
The UK-Japan trade deal marks a major moment in the UK’s new trading position in the world. It provides access to a major global market for the UK’s small business exporters, with one in ten viewing Japan as a crucial market for export goods. With over 130,000 small businesses already exporting to Japan, this deal provides small businesses looking to grow, maintain or start exporting to Japan with the platform to do so.
Other benefits to the UK include: improved market access for UK financial services; new protection for more iconic UK goods like Welsh Lamb; new protections for UK creative industries; improved mobility for business people; support for UK car and rail manufacturing and strong tariff reductions for UK pork, beef and fish exports among other things.
