01 Feb – EU-Japan trade agreement comes into effect
According to an official press release, the Economic Partnership Agreement (EPA) between the EU and Japan has entered into force as of February 1, 2019.
The new landmark agreement removes 99% of the tariffs that the EU applies to Japanese goods and 97% of those applied by Japan.
As a result of today’s agreement, the EU exports to Japan of chemicals could increase by almost 7% while the total increase of annual EU exports to Japan is predicted to be over 13%.
Another agreement between the EU and Japan also came into effect on a provisional basis as of February 1. Signed at the EU-Japan Summit in July 2018, the Strategic Partnership Agreement marks the first-ever bilateral framework agreement between the EU and Japan and aims to strengthen the overall partnership between the two parties.