UK Cabinet Minister leads high-level business delegation visit to Japan

Monday, June 27, 2011

On May 31st, UK Business Secretary Vince Cable visited Japan with a high-level business delegation, on a four day trade visit promoting business links between the two countries. Moreover, the very same week saw the launch of a new business campaign from UK Trade & Investment - ' がんばれ英日本！Reassure and Rebuild '. This joint campaign, ran in association with British Airways, sets its objectives to strengthening business relations between Japan and the UK.

Dr Cable became the first UK Cabinet Minister to visit Japan since the earthquake and tsunami earlier this year, and is the first member of the Government to have led a trade delegation there. The delegation, made up of a broad range of large UK firms; British Airways, PA Consulting Group, Thales UK, BAE Systems and the Confederation of British Industry, used the four day visit to highlight the opportunities available to UK companies in Japan's major cities of Kyoto, Nagoya, Yokohama and Tokyo.

The UK Business Secretary announced on Wednesday 1st June that recent events would not hinder UK - Japan trade relations; rather the bonds of business can become stronger as a result.

"The earthquake has not damaged this relationship in any way. If anything, we are now closer."

"I want UK companies to see that Japan is still a growing country with a powerful economy and that there are opportunities for them across the board. Whether you work in ICT, life sciences or creative industries, there is plenty of work to be done."
Source: UK Trade & Investment

Dr Cable's arrival follows talks at the EU-Japan Summit in Brussels on 28 May, where agreements were made to start the process for negotiations of an EU-Japan Free Trade Agreement (FTA)/Economic Partnership Agreement (EPA)

According to UK Trade & Investment (UKTI), over the long term an FTA/ EPA could boost annual EU exports to Japan by between ?14 billion and ?43 billion (22 per cent to 71 per cent) depending on the degree to which progress is made in eliminating Non Tariff Barriers (NTBs). Potentially, Japan's exports to the EU could also rise by between ?25 billion and ?54 billion (28 per cent to 60 per cent).

Regarding FTA negotiations, Dr. Cable highlighted current issues and areas of focus.

"Action is now in Japan's hands in areas such as transparency, public procurement and clarity over regulation. Difficulties already presented by Japan's unique standards demonstrate the benefits of coming closer into line with global standards."

"We do understand that there are public opinion and government concerns, but deregulation benefits all. We estimate that if the EU-Japan EIA were concluded it could generate ?100bn in trade in both directions."
Source: UK Trade & Investment

"がんばれ英日本！Reassure and Rebuild", the UK Trade & Investment (UKTI) business campaign is similarly focused towards reinvigorating commercial activities between Japan and the UK.

The core objectives of the campaign are to reassure companies in the UK that Japan is safe and open for business; to mutually reinvigorate economies by encouraging trade, investment and R&D collaboration; and to encourage face to face communication in order to boost trade and investment links between Japan and the UK.

Through this campaign 20 round-trip tickets from Japan to the UK will be given to winners of a competition offered to Japanese companies with their main offices in Japan.

Companies' applications are judged by criteria including how the UK trip would help to develop business between Japan and the UK and in what ways it would help promote the Japanese market in the UK.

The UKTI website shows its main areas of support to be;
Distribution (retailing, wholesale, trading firms); electrical machinery and appliances/computer in general (precision, optics, office equipment, etc); chemistry; machinery; transport equipment (automobile, aviation, shipping); creative industries ( fashion, design, architecture, music, contents, games, etc); software/information processing services; communications; medical/bio; energy; environment; services.

The competition is open until 23:59 (Japan Time) on 30 June 2011 and applications will be accepted via an online form. Please contact UKTI at <ukti.japan@fco.gov.uk> with the subject "がんばれ英日本！Reassure and Rebuild" Campaign for further information.
( UKTI "がんばれ英日本！Reassure and Rebuild" Campaign )

Both initiatives show encouraging activity between Japan and the UK in the first few months following the Great East Japan earthquake, and if momentum can be sustained, the UK ? Japan business relationship could become a leading post-March 11th success story, providing a shining example to wider global markets.