The European Parliament endorsed both proposals of the Commission during the December plenary. The Council will also have to approve both agreements before they can enter into force.
EU companies export more than €58 billion worth of goods and €28 billion in services to Japan a year, but the trade agreement will boost this even further by removing remaining barriers to trade. This includes eliminating 90% of tariffs on more than 90% of the EU’s exports to Japan. This is expected to save EU exporters about €1 billion in customs duties a year. In addition, Japan will recognise the special status of more than 200 European agricultural products from specific regions, known as Geographical Indications. Measures will also be taken to lower non-tariff barriers, for example by relying on international standards rather than specific Japanese requirements.
“The EU-Japan Economic Partnership Agreement sends a timely signal in support of open, fair, values- and rules-based trade at a time of increasing protectionism and an erratic trade policy by US President Donald Trump. This agreement also represents an opportunity for the European Union (EU) in the Asia-Pacific, especially since the US withdrawal from the Trans-Pacific Partnership (TPP) regional free trade agreement, and helps promote EU values and high standards in the region.” MEP Pedro SILVA PEREIRA a Portuguese member of the S&D group, said the agreement was being concluded at an important time:
“This agreement will foster not only closer bilateral economic ties, but also concrete cooperation on sustainable development like the fight against climate change. The agreement can, in addition, enhance coordination on multilateral issues with Japan and help shape rules for the global economy in line with our high standards and shared values of respect for human rights, democracy and the rules of law” the MEP added.
MEPs said they saw the agreements as possible models for cooperation with other countries.
“It is the first EU trade agreement with a commitment to the implementation of the Paris Agreement to combat climate change and with dedicated chapters on corporate governance and small and medium-sized enterprises. The agreement also upholds the EU’s high standards on environmental protection, consumer protection, food safety and labour rights, protects public services and respects the right to regulate”
Silva Perreira said.
“The two agreements have been possible because the EU and Japan are like-minded partners with shared values of democracy and a common vision for global trade and cooperation… high standards and the readiness to address current global challenges should be the cornerstone of future cooperation agreements” MEP Alojz