Japan-UK deal still holds great promise for leather
Lack of clarity on the UK’s future trading relationship with the European Union may have a knock-on effect on a proposed trade deal between the UK and Japan.
Media in Japan have said virtual meetings on a new free-trade agreement (FTA) between the UK and the Asian country should begin soon, but have warned that little real progress is unlikely until the situation between the UK and the European Union becomes clearer.
In May, the UK government published a paper giving details on its strategic approach to reaching a free trade agreement with Japan and leather featured prominently in the proposals.
Leather could be among the sectors to benefit the most from an FTA with Japan, the paper said. However, without a deal, most exports of leather and leather products from the UK to Japan will be subject to tariffs of 10%.
It also said that, based on the government’s modelling, leather was among the sectors of the UK economy that could receive the biggest jobs boost from an FTA with Japan.
