Liz Truss submits UK's application to join the CPTPP
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And Graham Stuart MP, Minister for Exports at the Department for International Trade, said the Partnering with Japan – Spring ’21 Free Trade Agreement Series, said British companies were now poised for a crack at the world’s third-largest economy. In total, 600 companies attended the virtual launch event, while more than 1,600 companies have now taken part in the mission, whereby government officials facilitate introductions between businessmen and women from different countries.
Mr Stuart said: “This trade mission is the largest in our history and shows what Global Britain is all about – taking the best of British overseas and sharing UK innovation and expertise with the world’s fastest-growing markets.
“We are connecting British businesses with Japanese partners on an unprecedented scale across a multitude of sectors, helping them to break into the world’s third-largest economy and reap the benefits of our first new Free Trade Agreement in more than 40 years.”
He added: “The global demand for premium goods and services is growing, with consumers willing to pay more for products made here because of our high quality and standards.
“Now that we are an independent trading nation, we will harness this world-leading reputation to deepen opportunities and build on the 6.5million UK jobs already supported by exporting.”
Of the participants, 730 are Japanese and 870 are UK firms, with more than a quarter of the UK businesses already introduced to Japanese buyers.
Export to Japan, the Department of International Trade’s strategic partner has had 25,000 page views in February and March, up 10,000 more than normal.
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The UK–Japan Comprehensive Economic Partnership Agreement (CEPA), the first major trade deal that the UK has struck as an independent trading nation, was signed by Mrs Truss and Toshimitsu Motegi, Japan’s Foreign Minister, in October.
It is also the first agreement that the UK has secured that goes beyond the existing EU deal, with enhancements in areas such as digital and data, financial services, food and drink, and creative industries.
A DIT assessment suggests the agreement will boost UK GDP by £1.5billion a year when compared to 2019 levels.
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The analysis also indicates in the long run CEPA will increase UK-Japan trade by £15.7billion and boost the wages of UK workers by £800million, again compared with 2019 levels.
Moreover, the deal is seen as an important step towards joining and establishing closer ties with the 11 countries in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which the UK applied to join earlier this year.
Specifically, the deal will benefit a wide range of sectors, including digital trade, professional and business services, financial services, agriculture, textiles and leather, car exports and creative industries.
Delivering the keynote speech at the UK-Japan Free Trade Summit in January, Mrs Truss said: “This agreement paves the way for the UK to join Japan in one of the world’s most dynamic trading areas: CPTPP.
“Japan was instrumental in making this high-standards agreement happen through its vision of a group of like-minded nations wanting to shape global trade in the right way.
“We will shortly submit our formal request to join this free trade area, and are delighted that Japan is ready to welcome the UK into the fold, alongside other vibrant members such as Chile and New Zealand.”
She added: “The benefits are there to see, whether it is the deeper access to nearly £9trillion of GDP covered by its members, the modern rules of origin, the 95 percent tariff-free trade on goods traded between members from cars to seafood, or the modern standards in services, data and digital trade.
“These modern standards would play to the UK’s strengths as a global hub for services and technology trade.
“We are already the second-largest exporter of services globally, and third in the world for billion-dollar “tech unicorn” success stories.
“Together, we can help set the standard for trade in the 21st century, promote higher standards in green trade and pile pressure on the World Trade Organisation to reform.”
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