67851
(From L) Jean-Claude Juncker, Shinzo Abe and Donald Tusk after signing the agreement.
(From L) Jean-Claude Juncker, Shinzo Abe and Donald Tusk after signing the agreement.

EU, Japan Agree on Free Trade

EU, Japan Agree on Free Trade

The European Union and Japan have reached an agreement in principle on the main elements of an Economic Partnership Agreement, which will see complete elimination of tariffs on textiles and clothing. For the EU and its member states, the agreement will remove the vast majority of duties paid by EU companies, which sum up to €1 billion annually.
The deal, which includes a specific commitment to the Paris climate agreement, will be the most important bilateral trade agreement ever concluded by the EU. It will open the Japanese market to key EU agricultural exports and increase opportunities in a range of sectors, the European Commission said in a statement, RKS reported.
It sets the highest standards of labor, safety, environmental and consumer protection, fully safeguards public services and has a dedicated chapter on sustainable development. It also builds on and reinforces the high standards for the protection of personal data that both, the EU and Japan, have recently entrenched in their data protection laws.
Once the agreement comes into force, tariffs on textiles and clothing will be “fully abolished”. “It will increase EU exports and create new opportunities for European companies, big and small, their employees and consumers. The value of exports from the EU could increase by as much as €20 billion, meaning more possibilities and jobs in many EU sectors such as agriculture and food products, leather, clothing and shoes, pharmaceuticals, medical devices and others,” the statement said.
The announcement on the conclusion of the agreement in principle was made during the EU-Japan Summit by the president of the European Commission Jean-Claude Juncker, the president of the European Council Donald Tusk, and the Prime Minister of Japan Shinzo Abe.

Short URL : https://goo.gl/LhQH4r
  1. https://goo.gl/MqvH81
  • https://goo.gl/bKscNX
  • https://goo.gl/Yot8j9
  • https://goo.gl/aLHccM
  • https://goo.gl/TT7RbU

You can also read ...

Philippines Growing Faster Than Expected
The Philippine economy grew at a faster than expected 6.9%...
The British economy will hardly expand 0.3-0.4% per quarter through to June 2018, with growth of 1.5% this year and 1.3% the next.
British economic growth will remain tepid over the coming few...
Italy Braces  for $1b Loss
Italy’s failure to qualify for the 2018 football World Cup in...
Siemens to Cut 6,900 Jobs
Labor unions have reacted angrily to layoff plans unveiled by...
The rupee, bonds and stocks rallied after Moody’s upgraded India to Baa2 from Baa3 and said reforms being pushed through by Modi’s government will help stabilize rising levels of debt.
Forget India's economic troubles this year. Moody's thinks...
Cheap ECB Cash Still Key for Eurozone
The eurozone economy remains dependent on cheap credit and the...
Smaller increases at the gas pumps helped Canada’s  annual rate of inflation ease in October.
Canada›s rate of inflation came in at 1.4% on a year-over-year...
IMF Sees Economic Revival in Myanmar
The International Monetary Fund on Friday forecast an economic...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus