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The trade agreement is the largest ever negotiated by the EU, creating a commercial area that covers more than 600 million people.
Food and beverages are a big export from the EU to Japan; while cars are one of Japan's leading exports
EU wine exports to Japan already account for around 1 billion euros and represent the second largest agricultural export of the EU to Japan in value. Wine tariffs will be removed from the first day, as will rates for other alcoholic beverages such as spirits.
European beers will be exported as beers and will not be clbadified as "alcoholic beverages". This will also result in similar taxation, eliminating the differences between different beers.
The key parts of the agreement for the agri-food industry include:
- the abolition of Japanese wine rights (currently 15%)
- on many cheeses such as Gouda and Cheddar (currently 29.8%)
- allow the EU to substantially increase its exports of beef to Japan, while pork will be sold duty-free for fresh meat
- Provide protection in Japan of geographical indications (GIs) of the EU, such as Prosecco and Irish whiskey, and the protection of a selection of Japanese GIs in the EU.
Cecilia Malmström, European Commissioner for Trade, said: "With Japan, we send a strong signal to the world that two of its largest economies still believe in free trade, opposing the times to unilateralism and protectionism. ] The economic benefits of this agreement are clear. By removing billions of tariffs, simplifying customs procedures and tackling cross-border trade barriers, it will offer businesses on both sides the opportunity to boost their exports and expand their business.
"The European agricultural sector in particular has something to celebrate, with access to the huge Japanese market and the protection of over 200 distinctive foods and beverages like ham of Champagne and Parma. " [19659013]
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