EuroCommerce: EU-Japan Trade Deal Marks 'Dawn Of A New Era'
EuroCommerce, which represents the retail and wholesale trades in Europe, has praised the introduction of the new EU-Japan trade deal, which entered into force on 1 February.
Commenting on the deal, which has been hailed as the biggest trade agreement ever negotiated by the European Union, EuroCommerce Director-General Christian Verschueren said, “A new era of dialogue, cooperation and trade between the EU and Japan has started today. This agreement covers no less than one-third of the world’s GDP, getting rid of customs barriers and other unnecessary restrictions while safeguarding consumers with high standards.”
The European Commission estimates that the agreement will save EU exporters around €1 billion in customs duties alone every year, as well as deliver closer ties between the EU and the Asian nation.
It will also remove duties on many cheeses currently subject to tariffs around 30%, and on wines, which pay 15% on average, as well as ensure that Japan maintains an equivalent level of data protection as the EU.
“The Japanese economy is among the most digitalised in world," said Verschueren. "Closer ties with Japan will help the European retail and wholesale sector in their ambitions to bolster their position in the global digital market.
"This agreement is good news for consumers and a welcome positive contribution to growth in both our markets.”
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.