Borders businesses are set to benefit from the historic UK-Japan Comprehensive Economic Partnership Agreement.
The deal was signed in Tokyo today by the International Trade Secretary Liz Truss and Japan’s Foreign Minister Motegi Toshimitsu.
The deal has been welcomed by businesses across Scotland, including Johnstons of Elgin who produces knitwear products in Hawick.
This will benefit over 500 businesses in Scotland that exported £503.4 million in goods to Japan last year and help even more local businesses sell their goods and services to the Japanese market.
Iconic Scottish products, including Scotch beef, native Shetland wool and Stornaway black pudding are to be protected in Japan for the first time under a new agreement on Geographical Indicators (GIs). While Scotch Whisky distillers will continue to benefit from tariff-free trade.
The UK and Japanese parliaments will now have the opportunity to scrutinise the agreement and approve its content before it enters into force at the end of the year.
John Lamont MP said: “This is an historic moment as the UK signs its first trade deal in decades.
“Scotland’s most famous products, such as Scotch whisky and Scotch beef will receive a significant export boost.
“However, I am most encouraged by the economic benefits this can bring to the Borders, including to our world-famous knitwear industry.
“This deal has the potential to support jobs across the UK by boosting farming exports and supporting our manufacturers, whilst ensuring our NHS is protected and all of our high food standards remain in place.”
Johnstons of Elgin Chief Executive, Simon Cotton, said: “Our products have been made in Scotland by skilled craftsmen using the highest quality, natural fibres for over 200 years.
“Our ultra-fine cashmere knits use the latest Japanese whole-garment technology and specially developed yarns, a mark of luxury that is so important to our consumers.
“Japan is a key growth market for us and our success to date is evidence of the demand for quality products made in Scotland that stand the test of time. This deal is very welcome and will help to support our continued growth in this market.”
