The estimated benefits of the EU-Japan economic partnership agreement signed this week in Tokyo amount to one billion euros in tariffs saved per year for European exporters.
In preparation for years, the economic partnership agreement will facilitate trade in agriculture and food, encouraging investment and the sharing of skills and knowledge. It will create a massive free trade economic zone encompassing 640 million people in Europe and Japan, with the combined total GDP representing one-third of global GDP.
This agreement is expected to remove many obstacles and allow businesses to focus more on their sales and development rather than primarily adhering to regulations.
From biotechnology to cars, including wines and cheeses, all sectors are expected to reap the benefits of these new trade freedoms.
With the removal of tariffs, experts believe that consumers will see that this agreement improves competition, and thus products and prices.
Most importantly, they will notice that a number of new technologies, services, and products that were previously unavailable will become more widespread in the economy.
The agreement will come into effect next year, opening a new era of relations between the European Union and Japan.
