Parliament votes on Wednesday on the free trade agreement between the EU and Japan, the largest bilateral trade deal ever done by the EU.
The Economic Partnership Agreement between the EU and Japan opens up services, creates common rules for bilateral trade and common standards for the two trading blocs and will eventually remove almost all tariffs on goods. EU wine and spirits, meat, dairy, textiles and leather sectors, companies interested in public procurement in rail, and SMEs emerge as the biggest winners of the agreement that enters into force on 1 February 2019, once the Parliament and Council formally ratifies it .
The same day, the Parliament will also consider the EU-Japan Strategic Partnership Agreement, which aims to extend the scope of cooperation from trade to other sectors.
About the agreement
The economic partnership agreement, signed on 17 July 2018, creates a trade zone of 600 million people, and covers a third of global GDP and about 40 percent of global trade. It will eventually remove almost all customs duties worth roughly €1 billion annually on European products and services exported to Japan.
The Strategic Partnership Agreement extends cooperation to areas such as energy, education, research and development, development, and the fight against climate change and terrorism. It needs to be ratified by each EU member state before entering into force.
Negotiations for a separate investment protection agreement with Japan to set up a mechanism to solve disputes, to ensure equal and fair treatment of EU foreign direct investment in Japan and vice versa, are still ongoing.
Procedure Code: 2018/0091(NLE) and 2018/0091M(NLE) for FTA, 2018/0122(NLE) and 2018/0122M(NLE) for SPA
Debate: Tue 11 December
Vote: Wed 12 December