The United Kingdom is a major trade partner for Japan, with total exports to in 2018 totaling ¥1.53 trillion ($14 billion), the second-largest in the EU bloc after Germany. As for imports, the United Kingdom was Japan’s fourth-largest trade partner among EU members at around ¥909.4 billion in 2018.
Japan is currently the third largest economy in the world with a GDP of $5.18 trillion (2019). In the 4 quarters to the end of Q1 2019, UK exports to Japan amounted to £14.6 billion, an increase of 8.5% from the same period the previous year. Discover more at the Department for International Trade.
The UK-Japan Comprehensive Economic Partnership Agreement (CEPA) was signed by Liz Truss, International Trade Secretary and Minister Motegi Toshimitsu in Tokyo.
This deal is the first secured by Britain that goes beyond the EU, enhancing areas such as data, creative industries, financial services and digital technology bringing together two of the world’s most technologically advanced nations.
The deal is suggested to boost trade between countries by £15billion and drive economic growth. The agreement signals Japan’s support for the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), one of the world’s biggest free trade areas.
Whilst the Chamber works with companies across Japan, it has an established working relationship with the Kansai Region – the second largest economy in Japan – which is home to many famous cities, including Osaka, Kobe and Kyoto.
The region, which is similar to the Thames Valley, has strengths in many of the same industry clusters, including energy, life sciences and technology (IoT and AI). Established links with academic institutions also ensure that the Thames Valley and Kansai regions have similar aspirations to strengthen international activities through solid partnerships.
In 2014, this strong relationship culminated in a Memorandum of Understanding of Trade and Investment Co-operation, signed between TVCC and the Osaka Chamber of Commerce and Industry, resulting in visits by trade delegations.
The Japan Desk at the Thames Valley Chamber of Commerce works with member UK businesses helping identify partnerships and strategy agreements as well as building stronger working relationships with those wanting to establish companies or work in the Japanese market. With many UK companies’ showing a strong interest in dealing with Japan for exporting, importing and collaborative partnerships over the years, ongoing opportunities are readily available.
One area the Japan desk has played a pivotal role is in helping remove common misconceptions about the Japanese market and its willingness to embrace external businesses. These include: “Japan is a closed market”; “It is difficult to get into the market due to strong ties between Japanese group companies”; “Japanese technology is advanced and there is no room for us.” In fact, many Japanese companies are keen to work with UK counterparts but are often unsure how to reach the right organisation.
– Specialist Helpline
– 1-2-1 consultation
– Events and Market Visits
– Bilateral Market Entry Support
– Bilateral Inward Investment Support
– Identifying Partners for Business Collaboration and R & D
– Multi-Cultural Business Training