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All Member States have now approved the EU-Japan Free Trade Agreement. "We send a strong signal to the world that we continue to believe in open trade and that protectionism is never the solution," commented Cecilia Malmström
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The sign indicates that the agreement, which in Brussels is shortened to the EPA (Economic Partnership Agreement with Japan), can be signed when it is not a summit next week. It will then enter into force in early 2019.
The agreement is described as the biggest end of the EU. "This creates a free trade area that covers 600 million people and one third of the world's GDP," said Commissioner Cecilia Malmström, according to the European Commission
. For Europe, once fully implemented, "99% of the tariffs imposed on EU exports to Japan – currently about one billion euros – will be abolished."
Among the countries, Japan is the world's third largest economy, after the United States and China. The EU economy as a whole is almost as big as that of the United States
The United States and China are currently the main players in reverse development, with increasing tariffs [19659004] Malmström does not mention it explicitly. . "The economic benefits of this agreement are obvious," she says. "The agreement will open huge market opportunities for both parties."
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