Brexit win as new £130M Japan deal to supercharge UK economy

During her trade mission to Japan ahead of the G7 summit, Kemi Badenoch is set to announce a deal worth more than £130 million to the UK economy.

The International Trade Secretary has committed to reap the benefits of membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The mission, focusing on the luxury fashion products manufactured by prestigious designers such as Christy’s and Freya Rose – is the first to be led by Ms Badenoch’s ministry since 2017.

She said: “I’m delighted to be travelling to Japan with iconic British brands to bang the drum for UK business, and help more companies take full advantage of the opportunities on offer from our free trade deals such as the UK-Japan agreement and CPTPP.

“The G7 trade summit gives me the opportunity to continue to champion free and fair trade on behalf of UK PLC, helping remove barriers to trade, strengthen supply chains and ensure the global trade rules work for British businesses.”

The British delegation today met with Japanese fashion buyers with support from the UK Government and will showcase their products – ranging from hand-painted scarves to lab-grown jewellery – at the British Embassy in Tokyo to high-profile Japanese influencers including Yu Masui.

The visit is intended to increase exports of UK luxury brands to the Japanese market and is part of the Business and Trade Secretary’s push to bring the value of UK goods exported to £1trillion by 2030.

In 2022, UK fashion goods exports to Japan totalled £133million, which the department had pledged to boost further.

Ms Badenoch will also represent the UK at the G7 Trade Ministerial Meeting in Osaka, starting on Saturday, where she will once again signal her commitment to free and fair trade, as well as discuss the challenges which the various countries face in diversifying supply chains to meet the needs of the future.

Ms Badenoch is set to meet with her counterparts, including Yasutoshi Nishimura, Katherine Tai, and EU Commissioner Dombrovkis, during the two-day event.

She will also announce the largest UK Government-guaranteed loan for a renewables project: over £130 million in UK goods manufactured in Hull by Siemens Gamesa to develop an offshore wind farm in Taiwan.

UK Export Finance is delivering the project in cooperation with NEXI, Japan Bank for International Cooperation (JBIC), and Mitsu.

According to the Department for International Trade (DIT), the funds would secure jobs and enhance the offshore wind industry in the UK, as well as “supercharge” UK-Japan collaboration on renewable projects in underdeveloped nations.

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