UK-Japan trade deal 'deepens the strong partnership' says Truss
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Alongside Japan’s Foreign Minister Toshimitsu Motegi, International Trade Secretary Liz Truss signed off on a trade deal in October which the Department of International Trade estimates will increase trade by £15.2 billion. And the report, entitled UK-Japan Dialogue: Looking Towards a Closer Economic Partnership and published by the Asia House think tank, suggests Britain is well-placed to capitalise in a number of key areas.
The UK and Japan both enjoy privileged positions in key global institutions and groups
Specifically, experts suggest both countries can use their considerable financial muscle to promote green technology and sustainable infrastructure projects.
Author Ed Ratcliffe, the Head of Advisory at Asia House, told Express.co.uk: “This report outlines several areas for the UK and Japan to focus cooperation for mutually beneficial outcomes, both in terms of growing bilateral trade and investment, and creating opportunities at the global level by shoring up the rules-based international order.
“The UK and Japan both enjoy privileged positions in key global institutions and groups.
“This provides the opportunity to defend global trade rules, as well as play a major role in developing the global framework for digital trade which will define global commerce over the next decade.”
Mr Ratcliffe is urging the UK and Japan to continue to cooperate on “upholding a rules-based international order from which both economies benefit”.
He added: “This means an on-going commitment to the G7 and other multilateral forums as well as coordination in areas like WTO reform, which may be back on the agenda in the coming year under the new Secretary-General.
“The UK and Japan should also expand support for companies – in particular SMEs – to leverage the new trade agreement and build trading partnerships between the two countries.
“At the policy level, in the future, the UK and Japan can consider expanding the investment chapter and should ensure that the digital chapter is kept up-to-date as digital trade continues to develop.”
Mr Ratcliffe’s report suggests both the UK and Japan are already setting an example to the rest of the world as they strive for carbon neutrality by 2050.
To this end, Japan’s three largest megabanks – Mitsubishi UFJ Financial Group, Mizuho Financial Group, and Sumitomo Mitsui Financial Group, have all committed in principle over the last two years to stop lending to coal power projects.
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The report recommends:
In accordance with the UK-Japan Comprehensive Economic Partnership Agreement, UK businesses will benefit from tariff-free trade on 99 percent of exports to Japan.
Government analysis 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.
Ms Truss commented at the time: “This is a historic moment for the UK and Japan as our first major post-Brexit trade deal.
“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.
“Strategically, the deal is an important step towards joining the Trans-Pacific Partnership and placing Britain at the centre of a network of modern free trade agreements with like-minded friends and allies.”
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