Japan-EU EPA Takes Effect, Creating Huge Free-Trade Zone
Newsfrom JapanEconomy Politics
Tokyo, Feb. 1 (Jiji Press)--An economic partnership agreement between Japan and the European Union came into force Friday, creating a free-trade bloc accounting for some 40 pct of global trade.
Japan and the EU will abolish tariffs for over 90 pct of their trade items eventually and simplify customs procedures. They will also introduce common rules, including those to strengthen the protection of intellectual property rights.
Some Japanese retailers started lowering European wine prices ahead of the effectuation of the EPA, which was concluded in December 2017 after the two sides decided to begin negotiations in March 2013.
The EPA is seen pushing up Japan's real gross domestic product by one pct, or some 5 trillion yen, according to a Japanese government estimate.
Consumers stand to benefit from tariff reduction and elimination, which lower prices of many imports from Europe.
[Copyright The Jiji Press, Ltd.]