Rugby MP says new trade deal with Japan will help Rugby businesses

Mark Pawsey speaking at FANUC UK in Ansty Park, Rugby.

Completion of the UK-Japan Comprehensive Economic Partnership Agreement – the UK’s first major trade deal as an independent trading nation – has been welcomed by Rugby MP Mark Pawsey.

The trade deal covers a range of economic sectors, including manufacturing, agriculture and cutting-edge digital and data provisions which go significantly beyond the EU-Japan trade deal which was recently negotiated.

As a result, 99 per cent of UK products exported to Japan will now be tariff free.

A Government analysis shows the deal will increase trade between the UK and Japan by £15.2bn and boost the UK economy by £1.5 billion.

The trade deal also secures a commitment from Japan to support the process by which the UK can join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

Joining this Partnership will give UK businesses a gateway into the Asia-Pacific region, improving the UK supply chain and

Mr Pawsey said: “I am very pleased that the Government has completed this trade deal, which is great news for the UK and for businesses here in Rugby and Bulkington.

"Japan are an important trading partner for the UK and we have good links with them here in Rugby. One great example is Fanuc UK – part of the Japanese group of high end automation manufacturers – based at Ansty Park.

“The deal is also good news for the automotive sector, which is vital for our local economy. It will support jobs and investments in Nissan and Hitachi and reduce tariffs for both exports and imports of automotive components which will help support the supply chain in the West Midlands where the industry has seen a resurgence over recent years.

“Securing the UK-Japan Comprehensive Economic Partnership Agreement is a demonstration of the forward looking and positive trade deals we can agree as a nation outside of the EU.

"It goes further than the similar deal between the EU and Japan, giving the UK additional provisions within emerging digital markets, as well as recognising the importance of the UK financial sector. I am confident that this represents the first of many such trade agreements we will deliver on in the coming months.”