Japan-EU EPA Set to Take Effect in Feb. Next Year

Politics

Tokyo, Dec. 21 (Jiji Press)--An economic partnership agreement between Japan and the European Union is now set to come into force in February next year, as all requirements for its effectuation have been met.

On Friday, Japan and the EU informed each other that their necessary procedures, including parliamentary approvals, have been completed for the deal to create a free trade bloc that accounts for 30 pct of the world's gross domestic product.

The EPA will take effect on Feb. 1, 2019, the first day of the second month after the mutual notification, as stipulated by the agreement.

The EPA will remove tariffs for over 90 pct of the trade items between the two economies and establish high-level trade and investment rules, including on intellectual property rights protection and e-commerce.

A Japanese government estimate says the EPA will increase the country's GDP by 5.2 trillion yen.

[Copyright The Jiji Press, Ltd.]

Jiji Press