UK-Japan Trade is Growing – Why is the UK negotiating a free trade deal with Japan?
The Department for International Trade (DIT) has released a snapshot of the UK’s growing trade relationship in numbers.
Key findings show UK-Japan Trade Value has grown from £18 bn in 2010 to £31.4bn in 2019. This is faster than many of our other major trading partners.
A new free trade agreement will help grow key industries. Value of key exports to Japan in 2019: Cars: £1bn; Turbojets: £950m; Pharmaceuticals: £733m; Electrical Equipment: £380m. In 2019, the value of key exports to Japan in the South East was £1.3bn.
Masako Eguchi-Bacon, CEO of TVCC’s Partner, Oceanbridge Management Ltd commented:
‘This is an important milestone for UK – Japan trade. It is encouraging to note that both countries have a good foundation for their negotiations. Japan has already agreed the EU-Japan Economic Partnership Agreement (EPA) with Brussels and this can be used as a basis for the UK-Japan agreement. The UK-Japan FTA is also a necessary precursor to the UK joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which will bring more export opportunities for UK companies’.