On October 25th, Trade and Business Secretary Kemi Badenoch led a delegation of luxury goods producers to Japan, aiming to enhance exports of high-end UK products to the Japanese market. Noteworthy participants included companies like Ettinger and Freya Rose, who had the opportunity to present their offerings to Japanese buyers ahead of the G7 meeting in Osaka. This mission marks the first secretary-led initiative of its kind since 2017, following a prior luxury goods roundtable held in London earlier this year.
During the visit, Badenoch emphasized the significance of iconic British brands in promoting UK business. She underlined the advantages presented by free trade agreements like the UK-Japan agreement and CPTPP, affirming her commitment to advancing free and fair trade for British companies on the global stage.
In 2022, UK fashion goods exports to Japan amounted to £133 million, a figure that the Department for Business and Trade (DBT) aspires to boost in alignment with its goal of achieving £1 trillion in UK exports by 2030. Marco Forgione, Director General of the Institute of Export & International Trade (IOE&IT), highlighted Japan as the UK’s 14th largest trading partner, emphasizing that streamlining trade procedures and eliminating tariffs could further enhance this partnership. He encouraged exploration of how UK fashion businesses can leverage the demand for a distinct British aesthetic to expand their international presence.
The visit coincides with Badenoch’s recent appointments of prominent figures from the entertainment and fashion sectors, including renowned handbag designer Anya Hindmarch, to the Board of Trade—an influential government advisory body. The next phase involves gaining a comprehensive understanding of these new markets, identifying areas of high demand, and aligning quality UK products with consumer needs. With appropriate support and insights into the Japanese market, British fashion enterprises have the potential to flourish.
In addition to meetings with Japanese foreign minister Yōko Kamikawa to discuss free trade agreements, Badenoch is set to announce a significant UK government-guaranteed loan for a renewables project. This collaborative effort between UK Export Finance and its Japanese counterpart is projected to yield over £130 million worth of UK-manufactured goods by Siemens Gamesa for the construction of an offshore wind farm in Taiwan, to be carried out in Hull.
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