The UK has published its negotiating objectives for a free trade agreement with Japan, with talks beginning shortly
The agreement will be based on the existing EU-Japan free trade agreement and will aim to secure additional benefits for UK businesses trading with Japan. More trade is essential in helping the UK overcome the unprecedented economic challenge posed by coronavirus.
The UK is optimistic that an agreement with Japan can give companies security at home and opportunities abroad. It would help improve the resilience of supply chains through diversity and opening new markets for business, bringing investment, better jobs, higher wages and lower prices.
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Manufacturers of textiles and clothing, and professional and financial services providers are among the UK industries expected to be the biggest winners of lowering trade barriers with Japan
A deal will aim to secure cutting edge provisions on digital trade that in turn maximise trading opportunities across all sectors of the economy, building trust and stability for UK businesses, entrepreneurs and exporters.
These additional provisions, as well as strong copyright provisions, would benefit innovative sectors such as e-commerce and the creative industries. They would also make it easier for the 8,000 small and medium sized businesses exporting goods to Japan.
Source/ Image Credit: UK Department for International Trade