EU-Japan trade deal welcomed

By Aidan Fortune contact

- Last updated on GMT

EU and Japan trade deal praised
The meat industry is expected to benefit from the signing of the EU-Japan Economic Partnership Agreement (EPA).

Approved by Members of European Parliament, the agreement will remove almost all custom duties adding up to an estimated €1bn annual saving for EU companies.

Under the agreement, wine, cheese, beef, pork, pasta, chocolate and biscuits will enter duty-free either immediately or after a transition period, while 205 products with European geographical indications will be protected, to help small and medium sized enterprises (SMEs) which make up 78% of exporters to Japan. The agreement will create a trade zone of 600 million people, and covers a third of global GDP and about 40 percent of global trade.

The agreement was approved with 472 votes to 152, with 40 abstentions. Japan has already ratified the agreement. After the endorsement of the trade deal by the European Parliament, Council is set to give its final go-ahead on 21 December which allows the agreement to enter into force on 1 February 2019. For the strategic partnership agreement to enter into force, all member states have to ratify it.

“This approval is a key milestone for fair trade based on rules and values, amid rising protectionism. The agreement will help promote high standards and strengthen sustainable development in trade policy,”​ said Pedro Silva Pereira (S&D, PT), the rapporteur in charge of the trade agreement. “The European Parliament is sending a very progressive message and will continue to do its part, so that the biggest EU bilateral trade agreement truly works for both citizens and businesses.”

EU farming body Copa Cogeca had urged MEPs to vote in favour of the agreement, saying that “Japan is among the strategic export destinations for EU agri-food products, with further potential for growth”​.

In a statement, it said: “The agreed elimination of tariffs and non-tariff barriers, the protection of European geographical indications (GIs), and future cooperation on agriculture and food related matters will create new export opportunities for a wide range of products and help to better respond to changing consumer demands in each other’s economies.”

Related topics: Industry & Markets, Japan, Pork, EU, Beef

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1 comment

EU- Japan free trade agreement cleared by European Parliament on 12 December 2018

Posted by kushal kumar,

EU Parliament approved on 12 December , 2018 free trade accord with Japan that has been dubbed the world’s biggest trade deal , covering economies that represent a third of world’s GDP. The agreement will go into effect in February , 2019.
The news is implied in this Vedic astrology writer's predictive conclusions about Japan made public to , among others , Japantoday.com , as early as on 1 November , 2018 as follows :-
“ - ‘ Fresh Look and Innovation at Strategies becoming Focus for Japan in Coming
Year 2019 – A Vedic Astrology View’
Planetary indications suggest that Japan may likely have fresh look and innovation at strategies while dealing with or handling country’s trading, economic and security concerns. Some direction in that regard could appear a little before the present year 2018 comes to a close while the period from May to about August, in soon coming year 2019 seems to be well pronounced. Partnership with countries or allies could be in focus.
It seems that non-traditional or innovative strategies in trading and economic sectors may come to play a role for growth. April – May in 2019 may be relevant while the rest of the year can also have that in focus. Smell- based commodities look to be in focus. Such items as cosmetics, fragrance-giving flowers, perfumes and medicines having repugnant smell may be catching appeal for trade and business. Aviation industry or air-travel industry may engage attention for innovative strategies or policies of reform. And some success may come to be had."
The aforesaid details of the prediction can suggest to anyone that it has come precisely accurate because a huge free trade accord with Japan has been reportedly approved by EU Parliament a little before the commencement of 2019.

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