Agreements   Abroad

7/17/2018

"Economic Partnership Agreement and Strategic Partnership Agreement" Signed Between EU and Japan

Within the coverage of agreement of note recently as the most comprehensive bilateral commercial agreement, major part of custom taxes paid mutually by the companies will be abolished; parties involved will take products having “geographical sign” of each other under protection; Access will be expanded of companies to markets in the fields of agriculture, financial services, electronic trade, communication and transportation and their participation in public tenders will be secured.

Most comprehensive bilateral commercial agreement recently of note has been signed between European  Union (EU) and Japan. Japan Prime Minister Şinzo Abe, EU Council President Donald Tusk and EU Commission President Jean-Claude Juncker have signed "Economic Partnership Agreement and Strategic Partnership Agreement" within the coverage of EU-Japan Summit held in Tokyo.

Speaking at the Program,  EU Council President Tusk has underlined the economic and political relations of EU and Japan were very strong despite to geographical distance. Noting the partnership reached a new level under the signed agreement, Tusk said, "This is the biggest bilateral commercial agreement ever signed until now."

Tusk has also underlined that signing such a trade agreement at a period when the global economic system was questioned, was a net message against the protectivist economic policies.

EU Commission President Juncker has noted that Japan and EU approached the global events in similar way, subject  trade agreement would abolish major part of custom taxes and would increase mutual trade immensely. Communicating with the agreement, a model behaviour exhibited in free trade, Juncker said, "Trade is related to values and principles not to custom and barriers."

Juncker went on to say that agreement was also reached between EU and Japan for free flow of data among them.

For the Agreements to be effective, approval of  European  Parliament and Japan legislation organ required to be obtained.

Coverage of Agreement

Within the coverage of subject trade agreement, major part of custom taxes paid mutually by the companies will be abolished; parties involved will take products having “geographical sign” of  each other under protection; Access will be expanded of companies to markets in the fields of agriculture, financial services, electronic trade, communication and transportation and their participation in public tenders will be secured. In automotive sector, which is considered sensetive, markets will be opened stage by stage gradually.