The Secretary of State for International Trade, Liz Truss, has confirmed to Vale of Clwyd MP Dr James Davies that the newly brokered free trade agreement with Japan will generate “huge benefits” for the economy of North East Wales.
After the UK Government reached agreement in principle on a free trade deal with Japan on September 11th, James last week questioned the Secretary of State on the potential positive impact it could have directly on the region.
Speaking in the House of Commons last Monday, he said:
“I congratulate my Right Hon. Friend on securing this free trade agreement with Japan. Will she outline the benefits that she sees it bringing to the economy of North East Wales?”
She told James:
“There are huge benefits to the economy of North East Wales, whether in digital and data, agriculture such as Welsh lamb, or areas such as manufacturing, where we have reduced the cost of bringing in car parts and agreed closer regulatory co-operation between Japan and the UK.”
Speaking afterwards James said:
“This is the UK’s first major trade deal outside the EU and I am absolutely delighted that it is a deal which will benefit this region so greatly.
“The deal secured additional benefits beyond the EU-Japan trade deal, including a way for Welsh products to be officially recognised. By increasing geographical indications (GIs) from just seven under the terms of the EU-Japan deal to potentially over 70 under the UK-Japan agreement, this would lead to improved recognition of key UK brands in the Japanese market.
“There are many businesses in North East Wales that can benefit from the new arrangements, including the Vale of Clwyd Denbigh plum, Welsh lamb and Welsh beef, which is fantastic news indeed.
“As the Secretary of State said in her statement in Parliament on Monday, this deal “shows that economic powerhouses, such as Japan, want ambitious deals with the United Kingdom, and it shows that the UK can succeed as an independent trading nation"."
The UK Government has said the deal could increase UK trade with Japan by £15.2 billion, giving a £1.5 billion boost to the economy and increasing UK workers’ wages by £800 million in the long run.
It will benefit the 277 businesses in Wales that exported to Japan last year and help even more local businesses to sell their goods to Japan for the first time.
James added: “These are exciting times for businesses throughout the UK, and I look forward to seeing producers in the Vale of Clwyd, and indeed across the whole of North Wales, prosper from this deal.”
