The Economic Partnership Agreement between the EU and Japan took effect on 1 February , and has the potential to increase annual trade between the two countries by almost $ ##500 ( $ 41bn ) once fully implemented . Among the many measures agreed to , the deal eliminates almost € 1bn of taxes paid by EU member states , while removing customs duties on 97 % of European goods imported to Japan . President of the European Commission It also allows for substantial increases in European beef exports to Japan and extends the Geographical Indications protections of more than 200 European agricultural products .
The Economic Partnership Agreement between the EU and Japan took effect on 1 February , and has the potential to increase annual trade between the two countries by almost $ ##500 ( $ 41bn ) once fully implemented . Among the many measures agreed to , the deal eliminates almost € 1bn of taxes paid by EU member states , while removing customs duties on 97 % of European goods imported to Japan . It also allows for substantial increases in European beef exports to Japan and extends the Geographical Indications protections of more than 200 European agricultural products .