Japan Free Trade Agreement

Debate between Lord Grimstone of Boscobel and Baroness Bottomley of Nettlestone

Thursday 17th September 2020 Lords Chamber

[Baroness Bottomley of Nettlestone (Con)]

I enthusiastically congratulate my noble friend the Minister and my right honourable friend the Prime Minister on a successful conclusion to the UK-Japan trade deal. What could be more fitting than the first post-Brexit trade deal being between our two great enterprising and trading global and island nations? Who would be more than delighted than the former Prime Minister Margaret Thatcher, who instructed me 30 years ago as an intimidated junior Minister to “Forget Brussels—Japan should be our friend, ally and close trading partner for the future”? However, does my noble friend agree that it is now for British industry and commerce to take full advantage of this historic deal, showing the world what the best of British can deliver? How will this historic agreement progress the UK’s accession to the CPTPP?

[Lord Grimstone of Boscobel (Con)]

I thank my noble friend for her generous comments. I know that she is a great expert on Japan so it is particularly welcome that those comments came from her. She is of course right that we see this agreement as a gateway to the trans-Pacific partnership. Some 90% of global growth comes from beyond the EU, so both Japan and the wider Pacific region are vital for Britain’s future economy. We have no doubt that the finalisation of this Japan agreement will greatly help in that process, not least because Japan will hold the chair of the trans-Pacific partnership countries next year.