The EU has finalized negotiations for a trade agreement with Japan. EU firms already export over €58bn in goods and €28bn in services to Japan every year. But European firms face trade barriers when exporting to Japan which make it hard for them to compete.
The trade agreement with Japan will:
- Remove barriers (high customs taxes on: beef, chocolate, wine and cheese)
- Have Japan recognise over 200 certified European delicacies ("Geographical Indication")
This deal is expected to bring benefits to EU exporters; it is estimated that EU exports to Japan of processed food could rise by up to 180 percent.
In 2013 EU governments instructed the European Commission to start negotiations with Japan. On July 6, 2017, the European Union and Japan reached an agreement in principle on the main elements of the EU-Japan Economic Partnership Agreement.
On December 8, 2017, the negotiations were finalized. After the legal verification and translation processes, the European Commission can then submit the agreement for the approval of the European Parliament and EU Member States.