Thank you. Thank you very much.
Chairman Tsutsui, distinguished guests, ladies and gentlemen, thank you for the welcome. And let me congratulate METI, Cabinet Office, Keidanren and JETRO on today’s conference.
It is my honour to join you as the UK’s Minister for the Indo-Pacific, having travelled to Japan in recognition of this ground-breaking event – the first ever Tokyo Economic Security Forum.
Just a few weeks ago, I had the pleasure of welcoming Keidanren’s Europe Committee to London for their first visit since 2011. Over three days, through discussions with our Foreign Secretary, Secretaries of State for Energy, Business and Transport, and other distinguished hosts, we were able to share the UK’s industrial strategy, Japan and Japanese investors’ long-term priorities, and our joint challenges.
Today I am proud to be here in Tokyo, launching our new UK-Japan Economic Security Partnership.
The Keidanren visit was a powerful reminder of the depth and the potential of our partnership. It is a partnership with roots stretching back across centuries.
Over 400 years ago, the first British national William Adams found his way into the court of the Tokugawa shogunate. There, Adams helped build ships and advised on navigation and trade, becoming an early bridge between our countries.
And at the height of Britain’s Industrial Revolution and enormous changes to the global system, the Choshu Five travelled to the United Kingdom to learn about new technologies, systems and economy.
That same spirit of collaboration that brought us together centuries ago is what keeps our partnership strong today, driving our shared ambition for a Free and Open Indo-Pacific, economic prosperity and security for our peoples and our nations.
Today, we mark one year from the UK’s accession to the CPTPP and nearly five years since the conclusion of the UK-Japan Free Trade Agreement – CEPA – including the Women’s Economic Empowerment Chapter – both agreements of which are enhancing opportunities for trade between our countries.
[political content redacted]
We draw on that spirit as we face a moment of profound change today.
Geopolitical, economic and technological shocks are shaking the world order. Access to resources is being contested like never before, and norms that liberal, developed countries like the UK and Japan have depended on for decades are being challenged.
And nowhere is this clearer than in the growing risks to our shared economic security.
Because when supply chains are too dependent on a few sources, one disruption can throw entire industries off course.
When access to critical materials or technologies is restricted, factories stall and innovation grinds to a halt.
And on top of that, there is the growing risk to our cyber systems and the infrastructure we all rely on every day.
These risks are significant.
They are constantly changing.
And they impact governments, businesses and people alike.
But every challenge brings an opportunity to those who adapt quickly.
That’s why it’s important to be having this conversation here in Japan, a country that has led the way in adapting to this new reality.
The UK too has taken bold steps.
We have introduced new laws to ban suppliers where necessary.
We are using our investment screening powers to protect national security in the most sensitive areas of our economy, while allowing investment to proceed wherever possible.
And we are backing the sectors that will shape our future.
In the past six months we have published our Industrial Strategy, and Trade and Critical Minerals Strategies to improve access to finance and strengthen support for businesses.
Because economic security is inseparable from national security. They are two sides of the same coin. Today, trade and foreign policy must go hand in hand.
By protecting our critical infrastructure and defending against cyber threats, we are also protecting open trade and a stable international system.
But ultimately, economic security is not a challenge that open, developed economies like ours can tackle alone.
At the Indo-Pacific conference in London this month, I made the argument that the security of the Euro-Atlantic and Indo-Pacific are indivisible.
So, it is simply not possible to confine such challenges to one part of the globe.
That’s why partnerships matter, and few are stronger than the one between the UK and Japan.
Whether through CPTPP, where Japan championed the UK’s membership, or in the G7, G20 and at the WTO, we continue to work side by side to strengthen the foundations of global trade.
Yet the current context demands that we go further.
Not only to shape the international system, but to build the sort of modern partnership that helps us respond to today’s challenges.
We start from a strong foundation, with Japan among the UK’s most consequential partners globally.
Two years ago, our Prime Ministers agreed an Enhanced Global Strategic Partnership.
Since then, we have welcomed Their Imperial Majesties on a State Visit, seen the UK’s Carrier Strike Group visit Tokyo Bay in September, and celebrated the resounding success of the Osaka World Expo.
We have exceeded our ambitions and continue to look for ways to deliver greater security and prosperity for our countries.
Earlier this year, our respective Foreign and Business Secretaries held an Economic 2+2 dialogue, a first for the UK with any partner, enabling a strategic discussion of the geoeconomic context we face. The four Ministers of both countries instructed officials to enhance our economic security partnership.
Following this, our teams have been working together on a practical action plan with real, meaningful steps – the first of its kind for both countries – to bring that economic security partnership to life.
This is not just about our shared understanding of the risks, but tangible co-operation and joint projects which can strengthen our most strategic sectors, and build innovation and prosperity as well as resilience to economic shocks.
So, rather than just sharing supply chain insights in critical sectors to spot risks and build resilience, we are acting on those insights – bringing British biotech firms to Japan to unlock R&D opportunities with government-backed grants.
And we are not stopping there.
Our ambitious plans include more investment and closer cooperation to strengthen our economic security in today’s volatile world.
As His Majesty the King said when he hosted the Emperor and Empress of Japan last year
“We share a bond which sets us apart from so many others, being both island nations whose advancement has relied particularly on our ability to adapt and to create new solutions for society through the power of collaboration and innovation.”
It is in that spirit of collaboration and a shared history that I look forward to strengthening our partnership, to enhancing our economic security and delivering lasting prosperity for our nations, the region, and the world.
Arigatō gozaimasu.