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.
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. It also allows for substantial increases in EU beef exports to Japan and ensures the Geographical Indications protections of more than 200 European agricultural products.