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 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 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.
