Dr Luke Evans, the Member of Parliament whose constituency covers most of Hinckley and Bosworth, has welcomed an historic trade deal with Japan signed today (23 October), the first such deal since the United Kingdom became an independent trading nation upon leaving the European Union.
The free trade deal, which includes tariff reductions from 8% to 0% for leather handbags and 27% to 0% for leather shoes will mean local businesses are able to export goods to Japan far easier than in the past.
With UK exports to Japan growing by an average of 7.6% year on year over the past five years, and £550 millions of exported goods from the East Midlands the region is well placed to take advantage of the deal.
Dr Luke said: “8,000 small and medium-sized enterprises already export goods to Japan and that number will only increase. As a region we sell Melton Mowbray pork pies, Dovedale Cheese and the shoes of the very highest quality. Across the region we sell power generating, electrical and industrial machinery with job which in turn means better jobs and higher wages.
“Of course our trade deal with Japan is the first agreement as a newly independent trading nation. The benefits of going global will continue to put Britain and Bosworth on the map.”
International Trade Secretary, Liz Truss said: “Today is a landmark moment for Britain. It shows what we can do as an independent trading nation, as we secure modern and bespoke provisions in areas like tech and services that are critical to the future of our country and the reshaping of our economy.
“Trade is a powerful way to deliver the things people really care about. At its heart, this deal is about creating opportunity and prosperity for all parts of our United Kingdom and driving the economic growth we need to overcome the challenges of coronavirus.
“The agreement also has a much wider strategic significance. It opens a clear pathway to membership of the Trans-Pacific Partnership – which will open new opportunities for British business and boost our economic security – and strengthens ties with a like-minded democracy, key ally and major investor in Britain.”