In Economy, General

At the 25th EU-Japan Summit, which took place in Tokyo in July, two agreements have been signed that will significantly boost bilateral trade (the Strategic Partnership Agreement and the Economic Partnership Agreement). The Economic Partnership Agreement between the EU and Japan creates an open trade zone covering over 600 million people and nearly a third of global GDP. It will remove the vast majority of the EUR 1 billion of duties paid annually by EU companies exporting to Japan, and has led to the removal of a number of long-standing regulatory barriers, for example on cars. The EU Free Trade Agreement with Japan is on the way.

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