EU-Japan Economic Partnership Agreement is a milestone in international trade
Speedy ratification is essential
Today, the EU and Japan will sign the EU-Japan Economic Partnership Agreement, four years after the launch of the negotiations. This ambitious and comprehensive free trade agreement between likeminded partners will deliver broad benefits to businesses and citizens alike.
Pierre Gattaz, President of BusinessEurope, said: “The agreement is a milestone in international trade, at a time when rules-based trade is under pressure. This agreement will liberalise up to 99% of bilateral trade between two regions that cover a quarter of the world’s gross domestic product. We now need the speedy ratification and efficient implementation of this agreement. It will open up many economic opportunities and it will be a clear signal to the world, that the EU is a strong proponent of trade liberalisation and a defender of rules-based trade.”
Besides tariff liberalisation, the agreement will remove longstanding non-tariff barriers, it contains ambitious commitments to improve access to public procurement, it will protect geographical indications for food products, improve market access for services and assist Small and Medium Sized Enterprises (SMEs).