Serhat TUNAR-TDO- The European Commission welcomes today's approval in the European Parliament of the EU-Japan Economic Partnership Agreement and the EU-Japan Strategic Partnership Agreement.
The trade agreement negotiated by the Commission is the first ever to include an explicit reference to the Paris climate agreement. 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.
President of the European Commission Jean-Claude Juncker said: "Almost five centuries after Europeans established the first trade ties with Japan; the entry into force of the EU-Japan Economic Partnership Agreement will bring our trade, political and strategic relationship to a whole new level."
The EU-Japan Economic Partnership Agreement will remove 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.
Key parts of the Economic Partnership Agreement
The agreement will, in particular: