UK secures free trade agreement with Japan

The UK has secured a free trade agreement with Japan, which is the UK’s first major trade deal as an independent trading nation and will increase trade with Japan by an estimated £15.2 billion.

The deal is tailored to the UK economy and secures additional benefits beyond the EU-Japan trade deal, giving UK companies exporting to Japan a competitive advantage in a number of areas. It will help to create jobs and drive economic growth throughout the whole of the UK.

UK businesses will benefit from tariff-free trade on 99% 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.

Commenting on the announcement that the UK and Japan have secured a free trade agreement, BCC Director General Adam Marshall said:

“Businesses will warmly welcome this milestone free trade deal with Japan, which provides access to a major market for traders across the UK. Chambers of Commerce stand ready to work with government to ensure that the benefits of this agreement are felt by businesses on the ground. Firms will want to see the specific provisions to support small businesses replicated in future trade deals to help business communities thrive and grow in future.

Whilst this agreement is undoubtedly cause for celebration, securing a Free Trade Agreement with the EU remains critical to the future of businesses in the UK. We urge Ministers to redouble their efforts to reach a comprehensive partnership with our largest trading partner at a crucial time in the negotiations.”