Firm keen to offer Japan more biscuits under new trade deal
AN Ashbourne food producer has said a new trade deal with Japan could be the icing on the cake for the growing business.
Artisan Biscuits, which is based in the Airfield Industrial Estate, partnered with a Japanese importer last year in a deal worth £57,000 - and bosses say a new agreement will be a boon for other East Midlands firms.
The Uk-japan Comprehensive Economic Partnership Agreement was signed by International Trade Secretary Liz Truss with Japan’s Foreign Minister Motegi Toshimitsu last week,.
A gift of Stilton cheese was given at the historic signing - the first major trade agreement that goes beyond the existing EU deal.
Artisan Biscuits director John Siddall said: “Japan is a sophisticated market that values quintessential British products such as our biscuits, which Japanese consumers like to have with certain types of teas.
“We source the finest quality ingredients from all over the world, but our clotted cream only comes from the West Country.
“A free trade agreement could make it easier to export our biscuits as we continue to grow in the country over the coming years.”
This year the award-winning baker hired 20 new employees and exports to more than 60 countries including Canada and the US, with 45% of its annual turnover coming from international sales.
East Midlands businesses exported goods worth around £550 million to Japan in 2019, with reduced tariffs on offer as part of the Uk-japan agreement.
Mrs Truss said the deal could benefit more than 700 businesses in the East Midlands, while helping even more sell goods and services to Japan for the first time.
At the signing on Friday she said: “Today is a landmark moment for Britain.
“At its heart, this deal is about creating opportunity and prosperity for all parts of our United Kingdom and driving the economic growth we need to overcome the challenges of coronavirus.
“The agreement also has a much wider strategic significance. It opens a clear pathway to membership of the TransPacific Partnership – which will open new opportunities for British business and boost our economic security – and strengthens ties with a like-minded democracy, key ally and major investor in Britain.”
Around 95,000 people work in the UK textile industry, and firms exported more than £175 million worth of textiles and leather products to Japan in 2019.
The deal could mean UK exporters receive preferential tariffs, through new and more liberal Rules of Origin, that would allow firms to source ingredients from anywhere in the world and export to Japan.
It is thought the agreement could boost Uk-japan trade by £15.7 billion, driving economic growth and increasing UK workers’ wages by £800 million in the long run.
Stilton cheese is among products from the East Midlands which will be officially recognised as a geographical indicator (GI) in CEPA, along with Buxton Blue cheese and Dovedale cheese.
The number of GIS for UK goods could increase from just seven under the terms of the Eu-japan deal to potentially over 70 under this enhanced agreement.
UK exports to Japan have been growing by an average of 8.2% year-on-year over the previous five years and this free trade deal could provide additional opportunities, with potential benefits including better, higher wages, and lower prices for all parts of the UK.
Once signed, the final agreement text will then be laid in Parliament for 21 sitting days for scrutiny under the Constitutional Reform and Governance (CRAG) Act.