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Japan Signs New Trade Agreement with the EU

Updated on Friday 24th August 2018

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Japan-Signs-New-Trade-Agreement-with-the-EUJapan has strong economic ties with the European Union as the two parties are long-time trade partners. Considering the good relations until now, Japan and the EU have drafted and signed a new Economic Partnership Agreement, the EPA, which provides for the removal of the duties paid by EU companies exporting goods to Japan.

Foreign investors who want to open companies in Japan must know that this country is a leader in the production and sale of electronic products and automobiles. Most of these products are destined for exports and a large portion of them reaches the EU market.

The duties paid by EU companies in Japan were valued at 1 billion euros

The Economic Partnership Agreement was under discussion for almost 5 years and the final form was reached at the end of 2017 with negotiations ending in December. The agreement, however, was signed in July 2018 and implies the removal of the duties paid by EU companies exporting goods to Japan. The amount of these duties was evaluated at 1 billion euros.

The EPA provides for the elimination of a series of Japanese taxes on various types of cheeses and wines from the EU. Also, Japan will also have access to more fresh and processed meat, among which beef is the most sought on the Japanese market.

The agreement also offers new investment opportunities in the services and procurement industries in Japan.

With the help of our company formation agents in Japan, foreign investors can register various types of businesses here.

Advantages for Japan and the EU under the EPA

Open trade is one of the main goals of the agreement between Japan and the European Union and the benefits are obvious for both parties. Among these, we mention:

  • -          the duties paid by companies in the EU and Japan will be significantly cut down;
  • -          the customs procedures when importing and exporting will be simplified;
  • -          Japan will have access to one of the largest consumer markets in the world;
  • -          companies in Japan and the EU will increase their exports and expand their activities;
  • -          trading relations between Japan and the EU are expected to grow by 13% after the ratification of the EPA.

The EPA is expected to be enforced in 2019 and if you need help in starting a business in Japan, please contact us.

 

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