Trade Minister visits Japan and South Korea to boost trade and promote Trade and Industrial Strategies
UK promotes Trade and Industrial Strategies in Japan and South Korea
Trade Minister Douglas Alexander will visit Japan and South Korea to boost trade and investment with two key Asia Pacific partners as part of the Plan for Change
In speech at Pacific Future Forum he will declare the UK can be an indispensable partner in upholding functioning global order
Minister will also reaffirm ambition to conclude FTA negotiations with South Korea before year ends
The UK's major growth sectors will be promoted in Japan and South Korea on a trade visit beginning today [August 28] that will showcase the UK as a trusted friend for partners in the Asia Pacific and beyond as the world faces more geoeconomic and geopolitical challenges.
Trade Minister Douglas Alexander is travelling to Japan and South Korea to bolster our economic ties with two key allies worth a combined £46 billion in bilateral trade and reinforce that Britain is open for business as part of this government's Plan for Change.
He will argue that greater collaboration with major Asian economies and working together on the UK's Trade and Industrial Strategies will help strengthen our economies in the face of growing geopolitical divides.
In Japan, he will join the Defence Secretary onboard HMS Prince of Wales to mark the deployment of the UK Carrier Strike Group. His visit follows the inaugural UK-Japan Economic 2+2 launched by the Business and Trade Secretary and Foreign Secretary in March.
Japan is an important contributor to the UK economy, with its investment stock worth over £78 billion at the end of 2023 and over 1,200 Japanese companies in the UK supporting over 150,000 British jobs.
Key sectors that benefit from UK-Japan trade include engineering, retail, pharmaceuticals, and life sciences. Rolls Royce has a strong presence in both Japan and South Korea, demonstrating the value of Britain's Asia Pacific trade ties for UK businesses.
While in South Korea, Minister Alexander will meet with the Korean Trade Minister Yeo Han-Koo to make further progress on the UK-South Korea FTA and reaffirm ambitions to conclude the deal this year.
An upgraded trade deal with South Korea could modernise our economic relationship and see a boost for UK services exports with sectors including financial services, legal services, and health set to benefit while many British companies such as Diageo continue to expand there.
The Minister will also meet with the CEOs of LG AI Lab to discuss LG AI's recently signed partnership with the London Stock Exchange Group, a strong example of UK and Korean companies working together at the cutting edge of technology and financial services with both priority growth sectors in the Modern Industrial Strategy and AI Opportunities Action Plan.
Trade Minister Douglas Alexander said:
"Today's world is one where barriers to trade are going up and geopolitical divides are deepening, resulting in higher costs for consumers and practical challenges for businesses.
"Our new Trade and Industrial Strategies, based on a sense of pragmatic patriotism, provides the compass by which we will navigate today's storms.
"From the deck of HMS Prince of Wales to the negotiating table in Seoul, the UK is forging durable economic partnerships which will help put more money in people's pockets as part of the Plan for Change."
In a speech at the Pacific Future Forum, the Minister will assert that the Indo-Pacific is inextricably linked to our future prosperity as a region that encompasses the majority of the world's population and global growth in the coming decades.
He will affirm our commitment to being an outward-looking, free-trade championing nation, as evidenced in the UK's new Trade and Industrial Strategies, and stress the importance of working together to deter the weaponisation of trade.
Marco Forgione, Director General, Chartered Institute of Export & International Trade said:
"We warmly welcome Minister Alexander's visit to Japan, and the focus it brings for UK exporters in deepening trade links across the Indo-Pacific. It's more important than ever that we open up new opportunities for UK businesses - particularly SMEs - to sell their goods and services in a range of high-growth regions.
"The UK Government's Industrial and Trade Strategies, along with its Small Business Plan, are sending a strong signal that Britain is open for business, and that we are backing our exporters to succeed.
"From digital trade to regulatory cooperation, the Indo-Pacific is a region of strategic importance, and we support every effort to turn ambition into access for our members and for the wider export community."
Notes
Data sources:
