UK foreign secretary David Lammy has met top British and Japanese executives in London, ahead of travelling with UK trade secretary Jonathan Reynolds to Tokyo next week to deepen bilateral economic links.
Senior business figures from BP, Toyota, Hitachi Rail, Mitsubishi Estate and Mitsui Sumitomo Insurance were among attendees at a breakfast roundtable on Tuesday at 1 Carlton Gardens, the Georgian mansion that is Lammy’s official residence in Westminster.
Bilateral trade between the two nations is worth £27bn, with more than 1,000 Japanese companies operating in the UK and supporting 160,000 jobs, according to the British government.
Lammy said: “There is huge potential to increase this significantly through these new economic discussions that the Japanese have agreed to and our membership of CPTPP.”
The meeting between Lammy, Reynolds and their counterparts in Tokyo next week will be the first UK-Japan economic “2+2” dialogue hosted in Japan, where two officials from each country’s foreign and economic ministry participate. Britain is the only country, beyond the US, holding such talks with Japan.
The move comes as part of Lammy’s efforts to rewire the Foreign, Commonwealth and Development Office to become the international delivery arm of Prime Minister Sir Keir Starmer’s economic growth mission.
The foreign secretary has instructed British diplomats to view themselves as the “sales force” for the UK overseas and to step up efforts to build ties with top global investors and entrepreneurs.
“Under my leadership, the Foreign Office will use all its diplomatic heft to champion the UK economy overseas,” Lammy said, vowing to work “hand in glove” with the business department to help British businesses grasp opportunities abroad and attract investment to the UK.
Louise Kingham, senior vice-president Europe at BP, said the company welcomed Lammy’s emphasis on “commercial diplomacy” and the decision to place growth at the heart of the FCDO’s priorities.
Yasuko Fukuda, head of UK at Mitsui Sumitomo Insurance, said London, and the presence of Lloyd’s specifically, offered a “deep concentration of resources and talent” and good access to global markets.
“We believe that UK-Japan co-operation, including regulatory and governance alignment in areas like AI, will be key to future growth,” she added.