The deal with Japan is the most significant bilateral trade partnership that the European Union (EU) has ever negotiated. This Economic Partnership Agreement has many benefits. It will create tremendous market opportunities for both sides. It will strengthen the cooperation between Europe and Japan in many areas. It will reconfirm Europe and Japan's joint commitment to sustainable development. It is also the first agreement to include a specific commitment with regard to the Paris Climate Accord.
Agricultural and food products
This agreement will see most of the customs fees set aside. Currently, these cost European companies, which export to Japan, EUR1 billion per year. A number of long-standing regulatory barriers will also be lifted. These include double tests and redundant administrative formalities. The 127 million-strong Japanese market will become more accessible to major European agricultural products. More than 200 traditional regional European foods and beverages will be protected in Japan. This will be done by geographical indicators. The EU's export opportunities in numerous other sectors will also increase. Think here of European companies that may be able to compete for government contracts in many Japanese cities.
Singapore
The Trade and Investment Agreement with Singapore is the first bilateral accord that the EU has signed with a member of the Association of South Eastern Nations (Asean). Within the Asean, Singapore is the EU's largest trade partner by far. The total bilateral trade volume of goods is worth EUR53,3 billion. For services, this figure is EUR44,4 billion. More than 10 000 companies from the EU are based in Singapore. They serve the entire Pacific region from here. With these deals, The EU has made significant progress towards putting strict rules and regulations in place for the important, fast-growing South-East Asian region.
The Trade and Investment Agreement with Singapore is the first bilateral accord that the EU has signed with a member of the Association of South Eastern Nations (Asean). Within the Asean, Singapore is the EU's largest trade partner by far. The total bilateral trade volume of goods is worth EUR53,3 billion. For services, this figure is EUR44,4 billion. More than 10 000 companies from the EU are based in Singapore. They serve the entire Pacific region from here. With these deals, The EU has made significant progress towards putting strict rules and regulations in place for the important, fast-growing South-East Asian region.
Source: EC