UK and Japan Partner on Trade

Posted on December 15, 2020

According to the United Kingdom’s Department for International Trade, Japan and the United Kingdom signed a Comprehensive Economic Partnership Agreement (CEPA) in Tokyo on October 23rd.

The agreement signed by both countries is not only an incentive for economic development in a world that is slowly recovering from financial crises due to the Covid-19 pandemic but is also a means for Japan to express its support of the UK joining the Trans-Pacific Partnership (TPP). Additionally, as Brexit looms on the horizon, this major deal allows the UK to present itself as an independent trading nation.

The International Trade Compliance Update listed the following as benefits of the CEPA:

  • Cutting-edge digital & data provisions including enabling a free flow of data;
  • Support for UK car and rail manufacturing jobs at major investors in the UK such as Nissan and Hitachi;
  • Strong tariff reductions on key agricultural products like pork, beef, and salmon;
  • British consumers to benefit from cheaper, high-quality Japanese goods – from udon noodles to Bluefin tuna and Kobe beef.

The British Trade Secretary, Liz Truss, when addressing the most recent Trade Agreement, referred to it as: “A landmark moment for Britain. It shows what we can do as an independent trading nation, as we secure modern and bespoke provisions in areas like tech and services that are critical to the future of our country and the reshaping of our economy”.

If you are interested in learning more about this agreement and how your company could benefit, please reach out to us at sales@allynintl.com.