It goes through the EU-Japan agreement in areas such as digital and data… financial services… The creative economy… and food and drink. Since 2018, in partnership with JEITA, we have established a successful UK-Japan Technology Forum to enable our members to develop closer relations with Japan, and we look forward to working with the government and our Japanese partners to help the technology sector take full advantage of this agreement. LONDON England – After the signing of the agreement in principle between the United Kingdom and Japan (AIP) on September 11, 2020, more details on the economic benefits of the agreement were announced. Trade Minister Truss met earlier this week with the Trans-Pacific Partnership (CPTPP) Comprehensive and Progressive Agreement to discuss the UK`s potential for membership in the 11-nation trade bloc. The agreement with Japan is a new springboard to the UK`s accession to the trade bloc. A small glimmer of hope for “Global Britain” of the UK`s new rollover agreement with Japan, which was reached in principle on Friday, and which is the first independent agreement signed by the UK after its exit from the EU.
“Before the agreement was concluded, a scoping assessment was carried out to assess the potential benefits. It estimated that a free trade agreement between the United Kingdom and Japan could, in the long run, increase trade between the two countries by $15.2 billion and contribute $1.5 billion, or 0.07%, to GDP in the long term. (Both increases are compared to 2018). Opening statement by the Secretary of State for International Trade on the agreement in principle between the United Kingdom and Japan for a comprehensive economic partnership. I would like to thank Minister Motegi for the work he has personally done to move this agreement forward… and for the constructive and positive nature of our discussions. Strong tariff reductions for UK pork and beef exports – we negotiated an agreement whereby tariffs on pork, beef, salmon and a number of other agricultural exports will be lowered. We will continue to benefit from access to low tariffs for food and beverages that are subject to quotas, such as Stilton cheese, tea extracts and bread mixes. This is a means of gaining additional market access under the CPTPP, which Japan has committed to as part of our agreement.
This agreement deepens the already strong partnership between our two democratic island states.