After 18 intense of negotiating rounds and several meetings at technical and political levels, the EU and Japan have reached a political agreement in principle on an Economic Partnership Agreement.
This Economic Partnership Agreement will boost trade in goods and services as well as create opportunities for investment. The agreement will further improve the position of EU exporters and investors on Japan's large market, while including strong guarantees for the protection of EU standards and values. It will help cement Europe's leadership in setting global trade rules and send a powerful signal that cooperation, not protectionism, is the way to tackle global challenges.
Following the breakthrough announced at the EU-Japan Summit held in Brussels on 6 July, the negotiators will continue their work to achieve a final text of the agreement by the end of the year.
Commenting on the success, Liberal European Commissioner for Trade Cecilia Malmström said: "This agreement has an enormous economic importance, but it is also a way to bring us closer. We are demonstrating that the EU and Japan, democratic and open global partners, believe in free trade. That we believe in building bridges, not walls. With Japan being the fourth largest economy of the world with a big appetite for European products, this is a deal that has a vast potential for Europe. We expect a major boost of exports in many sectors of the EU economy."
Find out more about the trade agreement on the European Commission's website.
Source: European Commission