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 regions by almost €36bn ($41bn) once fully implemented. Among the many measures agreed to, the deal eliminates almost €1bn of duties paid by EU member states, while removing customs duties on 97% of European goods imported to Japan. They agreed to recognise each other's data protection systems as 'equivalent', which will create the world's largest area of safe data flows. In addition, it will allow for a free flow of data across borders, including personal data, which is expected to boost business in both countries.
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 regions by almost €36bn ($41bn) once fully implemented. Among the many measures agreed to, the deal eliminates almost €1bn of duties paid by EU member states, while removing customs duties on 97% of European goods imported to Japan. In addition, it will allow for a free flow of data across borders, including personal data, which is expected to boost business in both countries.