The EU-Japan Economic Partnership Agreement and the EU-Japan Strategic Partnership Agreement were approved earlier this month, highlighting for the first time details surrounding the Paris climate agreement and covering over one third of the global GDP, according to a release announcing the agreement confirmation. The agreements are part of the overall goal of creating an open trading zone as well as fostering a faster and simplified trade environment in the EU region. The agreement is scheduled to take effect February 1, 2019.

“Japan is a country with which we already work very closely. Following today’s votes, our partnership will become even stronger. Japan is an important partner for the EU in multilateral fora. Our new agreement will help us cooperate even more closely in many areas and increase people-to-people contacts,” said High Representative Federica Mogherini.

Products impacted by the agreement include Gouda/Cheddar cheese as well as wine exports, which will see the elimination of duties. Other products such as cosmetics, chemicals, textiles and clothing will also see the removal of tariffs in the competitive EU regions.

“Almost five centuries after Europeans established the first trade ties with Japan, the entry into force of the EU-Japan Economic Partnership Agreement will bring our trade, political and strategic relationship to a whole new level,” President of the European Commission Jean-Claude Juncker said. “I praise the European Parliament for today’s vote that reinforces Europe’s unequivocal message: together with close partners and friends like Japan we will continue to defend open, win-win and rules-based trade. And more than words or intentions, this agreement will deliver significant and tangible benefits for companies and citizens in Europe and Japan.”

Source: EIN Presswire