UK Trade Minister Liz Truss said the UK expects « an additional 15 billion pounds of trade » with Japan to be secured. Overall, this trade agreement will be fantastic for Britain, support businesses and help create new jobs. The agreement is also of much broader strategic importance. It paves a clear path to membership of the Comprehensive Trans-Pacific Partnership – which will provide new opportunities for the UK economy and strengthen our economic security – and strengthen links with a like-minded democracy, an important ally and a key investor in the UK. Strategically, this agreement is an important step towards joining the Trans-Pacific Partnership and integrating Britain into a network of modern free trade agreements with like-minded friends and allies. The new agreement has been widely welcomed by Japanese companies, although doubts remain about a free trade agreement between the UK and the EU by the end of the transition period. Historically, many Japanese companies have developed in Europe using the UK as a base and, without such an agreement, European companies owned by Japan would be disrupted. At the end of the day, trade is a powerful lever for economic growth. The CBI and its members will now work with the government to take full advantage of the opportunities and ensure that the benefits are felt in all parts of the UK. The agreement recognises the unique challenge of seasonality and offers British exporters confidence in a wide range of product categories.
This agreement can make a decisive contribution to the UK`s economic recovery and our industry is ready to provide to any Community in the UK. This is a historic moment for the UK and Japan, our first major trade deal after Brexit, which highlights the chances that our country holds if we take the world`s slaps and respect our obligation to demonstrate. New protection for more iconic British products – increased geographical indications (GIs) from only seven under the terms of the EU-Japan agreement to more than 70 potentially under our new agreement, which includes products such as English sparkling wine, Yorkshire Wensleydale and Welsh Lamb. The result would be greater recognition of the major British brands in the Japanese market. Today`s signing of the agreement also marks Japan`s strong commitment to supporting the UK`s accession to the Trans-Pacific Partnership (CPTPP), one of the world`s largest free trade zones, covering 13% of the world economy in 2018 and more than $110 billion in 2019.