Elimination of tariffs, quotas to benefit EU exporters
Combined, the EU and Japan have 9 percent of the world’s population, 28 percent of its GDP and 36 percent of its trade. Billions of euros’ worth of goods and services are traded between the two economies; hundreds of thousands of jobs are directly supported by this trade, and many more hundreds of thousands have been created by investment by the EU and Japan in each other’s economies. In seafood alone, two-way trade reached a record EUR395 million in 2016. Combined, the EU and Japan together account for over one-third of global seafood trade.
Deal to reduce consumer prices and boost trade
On 21 September 2017, the EU and Canada provisionally implemented a long-awaited free trade agreement – the Comprehensive Economic and Trade Agreement, which the EU Parliament approved on 15 February 2017 after more than eight years of arduous, detailed negotiations.
The EU-Canada trade agreement CETA, as it is known, eliminates virtually all tariffs on imports between the two economies, harmonizes and reduces trade regulations and related structural barriers, and provides a mechanism to resolve disputes concerning, trade, investment, and other economic matters. The provisional nature of CETA means that certain parts have not yet been completely agreed; these parts relate to investment protection and the Investment Court System. The rest of the agreement, including tariff reduction and removal, has entered into force.