Economic Partnership Agreement signed by the European Union and Japan.
At the EU-Japan Summit in Tokyo, Presidents Jean-Claude Juncker and Donald Tusk and Japanese Prime Minister Shinzo Abe today signed the EU-Japan Economic Partnership (EPA) agreement.
According to a European Commission announcement, the trade agreement is the largest ever negotiated by the EU and will create an open trade area covering more than 600 million people.
The President of the European Commission, Jean-Claude Juncker, stated:
"The document we signed today is much more than a trade agreement. It is, of course, a tool that will create opportunities for our businesses, our employees and our citizens, and it is the declaration of two like-minded partners who together represent about a third of world GDP and reiterate their commitment to upholding the highest standards in sectors. such as work, safety, environmental protection and consumer protection ".
According to the announcement, the agreement will eliminate the majority of customs duties paid annually by EU companies exporting to Japan.
The agreement is now awaiting ratification by the European Parliament and the Japanese Diet and is expected to enter into force in 2019.