EU – Japan Economic Agreement comes into force.

71x2LYwb6pL__SY355_

On the 1 February 2019 the EU-Japan Economic Partnership Agreement entered into force. It will create an open trading zone covering 635 million people and almost one third of the world’s total GDP. The Strategic Partnership Agreement is the first ever bilateral framework agreement between the EU and Japan. It will 1280px-Flag_of_Japan_svgremove the vast majority of the €1 billion of duties paid annually by EU companies exporting to Japan, as well as a number of long-standing regulatory barriers, for example on car exports. It will also open up the Japanese market of 127 million consumers to key EU agricultural products and increase EU export opportunities in many other sectors. In addition, the agreement will strengthen cooperation between Europe and Japan in a range of areas, reaffirm their shared commitment to sustainable development, and include for the first time a specific commitment to the Paris climate agreement.

A video about the agreement is available Here.

%d bloggers like this: