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The UK’s approach to Negotiations with Japan

13 May 2020

Proposing MP
Elizabeth Truss Con
South West Norfolk
Type
Written Ministerial Statement
Department
Department for International Trade
View on Parliament.uk -->

At a Glance

Issue Summary

The statement discusses the UK's approach to negotiating a free trade agreement (FTA) with Japan to boost economic recovery post-coronavirus.

Action Requested

The Department for International Trade is publishing a comprehensive document outlining the strategic approach to an enhanced FTA between the UK and Japan, which will be placed in House libraries. The government aims to secure FTAs covering 80% of UK trade within three years.

Key Facts

  • The UK aims to secure free trade agreements with countries covering 80% of UK trade within the next three years.
  • Japan is the 3rd largest economy in the world, and an enhanced FTA could deliver a £1.5 billion boost to the UK economy.
  • In 2018, around 9,500 VAT registered businesses exported £6bn worth of goods to Japan, employing 2.4 million people, while 6,700 VAT registered business imported £10bn worth of goods from Japan, employing 2.5 million people.
  • The total annual tariff reductions on goods imports from Japan could be worth up to around £275 million per year in the long run.
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