By signing the Economic Partnership Agreement on 17 July, the EU and Japan sent a clear message to the world that trade is about market opening and win-win relations, as trade agreements need to be beneficial for both sides, promoting closer cooperation and stronger relations between the signatories.
BusinessEurope believes that this agreement will open up many economic opportunities, reaffirming the EU as a strong proponent of trade liberalization and a defender of rules-based trade. Besides tariff liberalization, the agreement will remove longstanding non-tariff barriers. It contains ambitious commitments to improve access to public procurement and it will protect geographical indications for food products, improve market access for services and assist small and medium-sized enterprises (SMEs) in making use of trade and investment opportunities. A swift ratification will ensure that companies and citizens will be able to benefit from the agreement as early as possible.
July 17, 2018
EU-Japan Economic Partnership Agreement is a milestone in international trade
Speedy ratification is essential
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 liberalize up to 99 per cent 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 liberalization and a defender of rules-based trade.”
Besides tariff liberalization, 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).