Business and Trade Secretary Kemi Badenoch has embarked on a groundbreaking trade mission to Japan, aiming to enhance the UK’s luxury fashion presence in the Japanese market. Accompanied by top British luxury fashion designers, such as Ettinger and Freya Rose, the mission seeks to capitalize on the prosperous opportunities in Japan’s thriving fashion industry.
Marking the first Secretary-led mission since 2017 in its category, the delegation exhibited a radiant array of UK luxury—from intricately hand-painted scarves to innovative lab-grown jewelry. Hosted at the prestigious British Embassy in Tokyo, the showcased products captured the attention of eminent Japanese fashion enthusiasts and influencers, notably Yu Masui.
An aspirational vision underpins this visit, breathing vitality into Secretary Badenoch’s ambitious goal of reaching £1 trillion in UK exports by the monumental year of 2030. The current stage reflects a buoyant trajectory, with UK fashion goods exports to Japan having blossomed to an impressive £133 million as of 2022.
At the G7 Trade Ministerial Meeting in Osaka, Badenoch will advocate for open and fair trade practices, discussing strategies to diversify supply chains and overcome contemporary global trading challenges. She is expected to engage in dialogue with international counterparts, promoting regulations and agreements that benefit British businesses.
The Free Trade Agreement (FTA) Committee meeting, led by Badenoch and Japan’s Foreign Minister Yōko Kamikawa, aims to build upon the 2020 agreement. This past accord has played a crucial role in facilitating trade, simplifying regulations, and implementing low-zero tariffs, easing the export process for businesses.
This strategic mission coalesces with the affirmation of the Hiroshima Accord, reflecting a symbiotic commitment to fostering global security, resilience, and innovation, as envisioned during a meeting between the Prime Ministers of the two nations earlier this year. A testament to the thriving bilateral trade relationship is the remarkable £13.9 billion in total UK exports to Japan noted at the close of Q1 2023, marking a 9.9% upswing compared to the preceding year.
To supercharge UK-Japan cooperation in renewable energy projects, Secretary Badenoch is set to unveil a monumental UK Government guaranteed loan exceeding £130 million. This strategic funding, earmarked for a trailblazing offshore wind farm project in Taiwan by Siemens Gamesa in Hull, epitomizes a collaborative milestone, securing job creation and fortifying the offshore wind industry’s future in the UK.
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