UK welcomes approval of new trade agreement with Japan

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Latest news in Yorkshire: February 04, 2019 09:53:46 AM

Despite BREXIT the EU EPA deal will be boost for the UK

Consumers to be given more choice at lower prices and an increase in job
opportunities thanks to the recent EU – Japan Economic Partnership
Agreement (EPA).

In August Liam Fox met with Prime Minister Abe to discuss building on
the EU EPA and working closely together on their joint commitment to
global, rules-based trade.

A new free trade agreement with Japan has been approved by the European
Parliament and is expected to enter into force in early 2019.

The EU-Japan Economic Partnership Agreement (EPA) will create the
world’s largest free trade area, eliminating over 97% of export duties
currently in place.

The agreement will help to boost trade between the UK and Japan and is
estimated to increase UK GDP by up to £3 billion the longer term. This
will help to create more British jobs and give consumers more choice at
lower prices.

Last year, the British and Japanese Prime Ministers agreed to ‘elevate
our security and prosperity partnership to the next level’ as the UK
leaves the European Union. Visiting Japan last summer, International
Trade Secretary Dr Liam Fox agreed with his counterparts to use the
EU-Japan EPA as a basis for a new and stronger partnership.

The agreement agreed yesterday (Wednesday 12 December) removes
significant barriers for the automotive sector and will commit Japan to
international car standards, making exports of vehicles to the nation
significantly easier. This is welcome news for the UK motor industry,
which exported just over £1 billion worth of vehicles to Japan in 2017.

The agreement will also reduce tariffs on processed foods, agricultural
products, beer, wine and whisky exports.

International Trade Secretary Dr Liam Fox said:

Japan is the world’s third largest economy and one of our closest
trading partners, as well as being a vocal defender of free trade in the
face of increased protectionist tendencies from other countries.

This is one of the world’s most ambitious free trade agreements and I
welcome the benefits that it will bring to both British businesses and
consumers. The agreement eliminates almost all tariffs on goods traded
between our two nations and we will work with the Japanese government to
use this agreement as the basis for a new, even stronger partnership
after we leave the European Union.

Further information

Japan is the second largest economy in Asia. Since 2012 goods and
services trade between the UK and Japan totalled £28 billion in the year
ending June 2018, an increase of just over 40% over the past 5 years.
Most of this increase has been in vehicles, pharmaceuticals, machinery
and finance services.
On 25 June 2018 the House of Commons voted in favour of the UK
supporting EU signature of the EU-Japan EPA.

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News source: GOV.uk Publication of 13 December 2018

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