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July 17, 2018
EU and Japan sign free trade agreement
The European Union (EU) and Japan leaders met this week in Tokyo to sign the Economic Partnership Agreement, which creates an open trade zone covering over 600 million people and nearly a third of global GDP.
The Economic Partnership Agreement between the EU and Japan is the largest each side has ever finalized. The deal is expected to bring quick advantage to both sides, opening European markets to Japanese car firms, and Japanese markets to European food exporters.
The agreement will remove the vast majority of duties paid by importers on both sides. The EU and Japan make yet greater claims for this agreement, hoping it can shape the rules of globalisation by enshrining high product standards that will become global.
Beyond cuts in tariffs, the agreement includes chapters on antitrust, corporate governance and sustainable development.
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