European business welcomes the EU-Japan EPA ratification

Today the European Parliament approved the EU-Japan EPA, completing parliamentary ratifications by Japan and the EU. It shows an effective approval process, highlights the ability of the EU to deliver on its trade agenda and reinforces rules-based trade in a time when protectionism surfaces around the world.

BusinessEurope Director General Markus J. Beyrer said:

“Approving the EU-Japan EPA, the European Parliament delivers on what business and citizens need in a time of political and economic uncertainty.

This agreement is projected to increase exports between the two economies by 34% for the EU and 29% for Japan, liberalising up to 99% of bilateral trade. The elimination of tariffs will save consumers and importers 1 billion euro per year in the EU and will support a substantial increase of jobs, maximising benefits for both companies and citizens.

The agreement serves as a crucial instrument in regulating trade to enhance the EU’s and Japan’s economic potential without limiting our public policy choices. We now look forward to the implementation of the agreement in early 2019.”

The Confederation of Industry of the Czech Republic regards the agreement as one of the great successes of EU trade policy.

"We appreciate that the pragmatic attitude towards the chapter "Sustainable development" has finally prevailed over unrealistic ambitions. This agreement shows that such a treaty can be balanced between trade and other issues. If those exaggerated sustainable development ambitions would have rendered such agreements unachievable, it wouldn´t bring any benefit to the trade, the environment nor the workers," said Pavel Fára, Deputy Director of the International Relations Department of the Confederation of Industry.

Earlier this week the European and Japanese business communities set out strong arguments in support of this agreement.