Japan Auto, Beef Exports to EU Rising Year after EPA
Newsfrom JapanEconomy Politics
Tokyo, Jan. 30 (Jiji Press)--Japan's automobile and "wagyu" beef exports to the European Union are increasing thanks to tariff cuts under their economic partnership agreement, which took effect Feb. 1 last year.
The EPA, which created a free trade bloc accounting for 40 pct of the global trade, has also contributed to increases in Japan's imports of European wine, pork and cheese, benefiting Japanese consumers.
Meanwhile, some industries face tougher competition from their European rivals.
Japan and the EU agreed to mutually remove tariffs for over 90 pct of their trade items. The EPA also includes rules affecting a range of fields, including e-commerce and the protection of intellectual property rights.
The Japanese government estimates that the pact will push up the country's real gross domestic product by 5 trillion yen, or about one pct.
[Copyright The Jiji Press, Ltd.]