- Trade Minister will visit Japan and
South Korea to boost trade and investment with two key Asia
Pacific partners as part of the Plan for Change
- In speech at Pacific Future Forum he will declare the UK can
be an indispensable partner in upholding functioning global order
- Minister will also reaffirm ambition to conclude FTA
negotiations with South Korea before year ends
The UK's major growth sectors will be promoted in Japan and South
Korea on a trade visit beginning today [August 28] that will
showcase the UK as a trusted friend for partners in the Asia
Pacific and beyond as the world faces more geoeconomic and
geopolitical challenges.
Trade Minister is travelling to Japan
and South Korea to bolster our economic ties with two key allies
worth a combined £46 billion in bilateral trade and reinforce
that Britain is open for business as part of this government's
Plan for Change.
He will argue that greater collaboration with major Asian
economies and working together on the UK's Trade and Industrial
Strategies will help strengthen our economies in the face of
growing geopolitical divides.
In Japan, he will join the Defence Secretary onboard HMS Prince
of Wales to mark the deployment of the UK Carrier Strike Group.
His visit follows the inaugural UK-Japan Economic 2+2 launched by
the Business and Trade Secretary and Foreign Secretary in March.
Japan is an important contributor to the UK economy, with its
investment stock worth over £78 billion at the end of 2023 and
over 1,200 Japanese companies in the UK supporting over 150,000
British jobs.
Key sectors that benefit from UK-Japan trade include engineering,
retail, pharmaceuticals, and life sciences. Rolls-Royce has
a strong presence in both Japan and South Korea, demonstrating
the value of Britain's Asia Pacific trade ties for UK
businesses.
While in South Korea, Minister Alexander will meet with the
Korean Trade Minister Yeo Han-Koo to make further progress on the
UK-South Korea FTA and reaffirm ambitions to conclude the deal
this year.
An upgraded trade deal with South Korea could modernise our
economic relationship and see a boost for UK services exports
with sectors including financial services, legal services, and
health set to benefit while many British companies such as Diageo
continue to expand there.
The Minister will also meet with the CEOs of LG AI Lab to discuss
LG AI's recently signed partnership with the London Stock
Exchange Group, a strong example of UK and Korean companies
working together at the cutting edge of technology and financial
services with both priority growth sectors in the Modern
Industrial Strategy and AI Opportunities Action Plan.
Trade Minister
said:
“Today's world is one where barriers to trade are going up and
geopolitical divides are deepening, resulting in higher costs for
consumers and practical challenges for businesses.
“Our new Trade and Industrial Strategies, based on a sense of
pragmatic patriotism, provides the compass by which we will
navigate today's storms.
“From the deck of HMS Prince of Wales to the negotiating table in
Seoul, the UK is forging durable economic partnerships which will
help put more money in people's pockets as part of the Plan for
Change.”
In a speech at the Pacific Future Forum, the Minister will assert
that the Indo-Pacific is inextricably linked to our future
prosperity as a region that encompasses the majority of the
world's population and global growth in the coming decades.
He will affirm our commitment to being an outward-looking,
free-trade championing nation, as evidenced in the UK's new Trade
and Industrial Strategies, and stress the importance of working
together to deter the weaponisation of trade.
Marco Forgione, Director General, Chartered Institute of
Export & International Trade said:
“We warmly welcome Minister Alexander's visit to Japan, and the
focus it brings for UK exporters in deepening trade links across
the Indo-Pacific. It's more important than ever that we open up
new opportunities for UK businesses - particularly SMEs - to sell
their goods and services in a range of high-growth regions.
“The UK Government's Industrial and Trade Strategies, along with
its Small Business Plan, are sending a strong signal that Britain
is open for business, and that we are backing our exporters to
succeed.
“From digital trade to regulatory cooperation, the Indo-Pacific
is a region of strategic importance, and we support every effort
to turn ambition into access for our members and for the wider
export community.”
Notes to editor
Data sources:
