EU and Japan reach agreement in principle on Economic Partnership Agreement
The value of exports from the EU could increase by as much as €20 billion, meaning more possibilities and jobs in many EU sectors such as agriculture and food products, leather, clothing and shoes, pharmaceuticals, medical devices and others.
With regards to agricultural exports from the EU, the agreement:
- scraps duties on many cheeses such as Gouda and Cheddar (which currently are at 29.8%) as well as on wine exports (currently at 15% on average);
- will allow the EU to increase its beef exports to Japan substantially, while on pork there will be duty-free trade in processed meat and almost duty-free trade for fresh meat;
- ensures the protection in Japan of more than 200 high-quality European agricultural products, so called Geographical Indications.
The agreement also:
- opens up services markets, in particular financial services, e-commerce, telecommunications and transport:
- guarantees EU companies access to the large procurement markets of Japan in 48 large cities, and removes obstacles to procurement in the economically important railway sector at national level;
- protects sensitive economic sectors of the EU, for instance in the automotive sector, with transition periods before markets are opened