Sitemap

EU and Japan create world’s biggest free trade zone

CorD Recommends

Serbia Eyes Stake in Thessaloniki or Piraeus Ports to Boost Exports

In a strategic move to enhance its...

Cocoa Prices Hit Record High, Chocolate Costs Set to Surge

In a recent surge that has caught...

EIB Global Channels Record €1.2 Billion into Western Balkans

EIB Global, the European Investment Bank's arm...

The EU and UNDP allocated 580,000 euros for civil society

The European Union and the United Nations...

Renewables Set to Eclipse Coal in Global Power Generation by 2025, IEA Forecasts

In a landmark shift for global energy dynamics, the International Energy Agency (IEA) forecasts a decline in coal's share...

Serbian Flavors Take Center Stage at Dubai’s Gulfood 2024

At the prestigious Gulfood 2024 in Dubai, a cohort of 24 Serbian firms showcases their culinary prowess, marking a...

Serbia Awards Distinctions to Notable Personalities on National Day

In a ceremonial tribute to Serbia's National Day, President Aleksandar Vučić presented awards to a host of esteemed individuals...

Western Balkans Eye EU Membership by 2028

At the esteemed Munich Security Conference, a cornerstone event in global security discourse, leaders from North Macedonia, Albania, and...

Serbia Eyes Stake in Thessaloniki or Piraeus Ports to Boost Exports

In a strategic move to enhance its export capabilities, Serbia has expressed readiness to acquire a portion of either...

Almost all tariffs on trade between the European Union and the world’s third-biggest economy have been removed. European companies could save around a billion euros in duties each year.

A free trade agreement between Japan and the EU entered into force on February 1, covering 635 million people and almost one-third of the world’s economy.

Dubbed the world’s largest free trade agreement, the EU-Japan Economic Partnership Agreement removes duties on almost all agricultural and industrial products and opens up the service sector and procurement. It also moves to eliminate non-tariff barriers to trade.

The highlights of the deal

  • Japan will have scrapped duties on 97 per cent of goods imported from the EU once the agreement is fully implemented.
  • Open access to the Japanese market will save EU companies from paying €1 billion ($1.14 billion) of duties annually.
  • The EU will eliminate tariffs on 99 per cent of imports from Japan.
  • In the automotive sector, the EU will eliminate duties over a seven-year transition period.
  • Both sides will eliminate duties on nearly all food and agricultural products.
  • The service market will be opened, including financial services, e-commerce, telecommunications and transport. 
  • For the first time, the trade agreement includes countries’ Paris climate deal commitments. 
  • The text also addresses sustainable development and sets standards for labour, safety, environmental and consumer protection.

‘Protecting brand names’

EU Trade Commissioner Cecilia Malmstrom said: “This agreement has it all: it scraps tariffs and contributes to the global rulebook, whilst at the same time demonstrating to the world that we both remain convinced by the benefits of open trade.”

The president of the European Commission, Jean-Claude Juncker, said: “The new agreement will give consumers greater choice and cheaper prices; it will protect great European products in Japan and vice-versa, such as the Austrian Tiroler Speck or Kobe Beef; it will give small businesses on both sides the chance to branch out to a completely new market; it will save European companies 1 billion euro in duties every year and turbo-boost the trade we already do together.”

Trade groups also welcomed the move.

“This agreement is the perfect example that building bridges is better than raising walls,” said Pierre Gattaz, president of BusinessEurope. “When protectionism is on the rise, the EU and Japan show to the world they remain open to modern and rules-based trade.”

Hiroaki Nakanishi, chairman of the Japan Business Federation, said the agreement “will stimulate additional growth and create jobs for both sides.”

Source www.dw.com

Related Articles

India Set to Overtake Japan and Germany, Eyeing Third Spot in Global Economy by 2027

India is poised for a monumental economic leap, projected to surpass Japan and Germany to claim the title of the world's third-largest economy by...

H.E. Akira Imamura, Ambassador of Japan to Serbia

Farewell “Japanac”

The 93 yellow buses that were donated by Japan to the City of Belgrade in 2003, and which are affectionately referred to as “Japanac”...

Bilateral Trade & Investment

Serbia Attracts Japanese Giants

The distance of more than 9,000 kilometres separating Belgrade and Tokyo certainly represents one of the key reasons why the trade exchange between the...

Expo 2025 Osaka, Kansai

A Glimpse into the Reconnect the World’ project

Osaka’s grand plan to “reconnect the world” is gradually taking shape. When completed, huge sections of timber will form an enormous walkway encircling a...

Japan Pledges Support for Serbia’s Green Economy Transition and Energy Projects

Ambassador of Japan to Serbia H.E. Imamura emphasized the readiness of Japanese companies to share their knowledge and experience with Serbian energy firms, particularly...

Nippon Steel’s Strategic Acquisition of US Steel

In a landmark deal valued at $14.9 billion, Nippon Steel, Japan's leading steel manufacturer, has acquired the once dominant global corporation, US Steel.  This strategic...

22 Countries Commit to Tripling Nuclear Energy by 2050 in Climate Change Battle

Leaders and top officials from 22 nations have signed a declaration to triple nuclear energy production by 2050, as reported by the International Atomic...

Ambassador Imamura Highlights Increasing Japanese Investment in Serbia and Regional Cooperation Initiatives

In recent years, there has been a notable increase in Japanese companies entering the Serbian market, stated Ambassador Akiro Imamura of Japan in Belgrade.  Ambassador...