EU and Japan- The Economic Partnership Agreement

The European Union and Japan leaders met today in Tokyo to reinforce their strategic partnership and sign two landmark agreements: the Strategic Partnership Agreement and the Economic Partnership Agreement, which creates an open trade zone covering over 600 million people and nearly a third of global GDP.

The 25th EU-Japan Summit took place on 17 July 2018 in Tokyo. At the summit, the EU is represented by Jean-Claude Juncker, President of the European Commission and Donald Tusk, President of the European Council.

The Economic Partnership Agreement between the EU and Japan is the largest each side has ever finalised. The deal should bring quick advantage to both sides, opening European markets to Japanese car firms, and Japanese markets to European food exporters. It will remove the vast majority of the €1 billion of duties paid annually by EU companies exporting to Japan. The EU and Japan make yet greater claims for this agreement, hoping it can shape the rules of globalisation by enshrining high product standards that will become global. Beyond cuts in tariffs, the agreement includes chapters on antitrust, corporate governance and sustainable development.

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