Home / Knowledge / News / Textiles / EU and Japan sign Economic Partnership Agreement
EU and Japan sign Economic Partnership Agreement
18
Jul '18
Moments of EPA signing in Tokyo. Courtesy: Twitter handle of Jean-Claude Juncker
Moments of EPA signing in Tokyo. Courtesy: Twitter handle of Jean-Claude Juncker
European Union and Japan have signed an Economic Partnership Agreement (EPA) creating an open trade zone covering over 600 million people. The landmark deal eliminates about 99 per cent of the tariffs on Japanese goods sold to the EU. About 94 percent of the tariffs on European exports to Japan will be lifted, rising to 99 per cent in the future.
 
The EPA—the biggest ever trade agreement negotiated by the EU—will remove the vast majority of the €1 billion of duties paid annually by EU companies exporting to Japan. It will also open up the Japanese market of 127 million consumers to key EU agricultural exports and will increase EU export opportunities in a range of other sectors, including textiles and clothing.
 
As per the EPA, Japan will eliminate tariffs on 94 per cent of imported goods from the EU, including 82 per cent of farm and fishery products. It will immediately cut tariffs on chemical, industrial and textile products, and set up a low-tariff quota on soft cheese from the EU. However, it will exclude rice from lower tariffs.
 
On the other hand, the EU will cut tariffs on 99 per cent of imports from Japan. It will immediately scrap tariffs on more than 90 per cent of auto parts in terms of trade value, and will eliminate the remaining 10 per cent tariff on Japanese automobiles seven years after the deal’s implementation.
 
The EPA will also in addition strengthen cooperation between Europe and Japan in a range of areas, reaffirm their shared commitment to sustainable development, and include for the first time a specific commitment to the Paris climate agreement.
 
The pact has been signed at a crucial time when the US administration is increasing tariffs on imports from several of its trading partners. “The EU and Japan showed an undeterred determination to lead the world as flag-bearers for free trade,” Japanese Prime Minister Shinzo Abe said at a joint news conference with European Council President Donald Tusk and European Commission President Jean-Claude Juncker.
 
The agreement now needs to be ratified by the European Parliament and the Japanese Diet following which it could enter into force in 2019. (RKS)
 

Fibre2Fashion News Desk – India


Must ReadView All

Pic: UBC

Apparel/Garments | On 25th May 2020

Canadian researchers develop biodegradable medical mask

Researchers in the BioProducts Institute at the University of British ...

Pic: Shutterstock

Apparel/Garments | On 25th May 2020

Sri Lanka’s BOI to set up garment park in Eravur

Sri Lanka’s Board of Investment (BOI) will set up a garment park in...

Pic: Shutterstock

Retail | On 25th May 2020

Reitmans seeks bankruptcy protection in Canada

Reitmans (Canada) Ltd. recently filed for bankruptcy protection after ...

Interviews View All

Textile industry, Head honchos

Textile industry
Head honchos

It is a well-calibrated budget

Abhishek Ganguly, Puma India

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

C. Dhandayuthapani, Mag Solvics Pvt. Ltd

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Alon Moshe,

Alon Moshe

Israel-based Twine Solutions is a technology start-up that has developed a ...

Valter De Carli,

Valter De Carli

Savio Macchine Tessili is at the head of a group that holds a know-how of...

Mala Alwani,

Mala Alwani

<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...

Robert Erichsen, Statex Produktions & Vertriebs GmbH

Robert Erichsen
Statex Produktions & Vertriebs GmbH

Statex Produktions &amp; Vertriebs Gmbh, founded in 1978 and headquartered ...

Eric Scholler, Groz-Beckert

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Luis Quijano, Liberty University

Luis Quijano
Liberty University

Focusing on bold patterns and colour palettes, Luis Quijano, a student at...

Tony Ward, Tony Ward

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Rupa Sood and Sharan Apparao, Nayaab

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Yash P. Kotak, Bombay Hemp Company

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search