UK-Japan Comprehensive Economic Partnership Agreement

Aaron Bell Excerpts

Wednesday 25th November 2020 Commons Chamber

[Elizabeth Truss]

We had a major success in 2019 when we gained access for British lamb into the Japanese market, and, of course, one of the products that is flowing into Japan is our fantastic Welsh lamb.

This agreement is not just about economics, but about our close relationship with Japan and the Japanese. Together we are helping to set the standard for trade in the 21st century. That does not come as a surprise, because our relationship with Japan is deep and long standing. Way back in 1613, King James I concluded the UK’s first trade agreement with Japan. Under Queen Victoria, a treaty of peace, friendship and commerce was signed in 1858. We see that friendship endure under Japan’s current Emperor Naruhito, who has written fondly of his time studying at Oxford. We continue to benefit from Japanese commerce after Margaret Thatcher opened the door to new investment from companies such as Nissan, supporting local jobs and communities.

[Aaron Bell (Newcastle-under-Lyme) (Con)]

A fortnight ago, I was delighted to receive an email from the embassy of Japan, informing me that my constituency of Newcastle-under-Lyme will receive 30 of the cherry trees that it agreed to donate to the United Kingdom. That was agreed in 2017, as part of the prosperity agreement, but it is a real symbol of what we are now doing with Japan in this trade deal. I compliment the Japanese Government and my right hon. Friend’s Department for all they have done.

[Elizabeth Truss]

I thank my hon. Friend. Our relationship with Japan is going from strength to strength. Japan and the United Kingdom are two great island nations, but we are not insular in our embrace of freedom, democracy, human rights and free trade, and we will be working together when the UK has the presidency of the G7 next year to advance on all these fronts and to champion much-needed reform of the global rules for services and digital trade.

Next year, Japan will chair the comprehensive and progressive trans-Pacific partnership, a high-standards agreement that promotes the values that we believe in for rules-based free trade. The CEPA secures Japan’s support for our joining that club and will provide further market access under that agreement. This agreement will turbocharge our trade with dynamic members from Canada and Australia to Chile and Peru. The CPTPP is more than the sum of its parts, because we gain access to a free trade area with common standards and rules of origin, which means flexibility and opportunities, but, unlike with the EU, we retain control of our borders, our laws and our money.

This huge gateway to the Pacific region will help us unleash our potential as a global hub for services and technology trade. On joining CPTPP, global Britain would have unprecedented and deep access to markets covering 13% of the world’s GDP, which equates to more than £11 trillion in some of the world’s fastest growing markets. If we add in the US, this would amount to over 40% of the world’s GDP, which equates to more than £27 trillion.