Techuk welcomes the conclusion of the UK-Japan Economic Partnership Agreement in its full chapter on digital trade. Today`s agreement enhances the already flourishing relationship between the British and Japanese technology sectors and creates significant trade and investment opportunities for both our countries. National and local authorities retain their prerogative to keep public services in public hands, the EC stressed, adding that the agreement would not lead to deregulation and privatization of water supply and sanitation. On the contrary, Japan and the EU want to meet the highest EU standards to ensure work, safety, the environment and consumer protection, she said. Uk food and beverage producers are pleased that the UK has reached a new comprehensive trade agreement with Japan. As the world`s largest net importer of food and beverage products, this agreement with Japan improves our existing terms of trade and offers significant new growth prospects for high-quality UK production. In particular, we welcome the additional flexibility that this agreement offers with regard to the rules of origin that are so important to our industry. This is a historic moment for Britain and Japan, our first major trade deal after Brexit. The agreement we have negotiated – in record time and under difficult circumstances – goes far beyond the existing European agreement, as it allows British companies to make new profits in our large manufacturing, agri-food and technological industries. Japan`s main interest in a trade agreement with Europe was to increase its exports from the automotive industry. The EU currently applies a 10% tariff on Japanese cars. As part of the agreement, this reduction will be reduced to zero for another year. Although cars and automotive components account for about one-fifth of Japan`s exports to Europe, The share of Japanese automakers in the European market is only about 10%, which is significantly lower than that of the United States or Asia.
The result of four years of negotiations, the EPA was concluded at the end of 2017 and is expected to enter into force by the end of the European Commission`s current mandate in autumn 2019. The EU described the agreement as “very ambitious and comprehensive.” The total volume of trade in goods and services between the EU and Japan amounts to 86 billion euros. New protection for more iconic British products – increased geographical indications (GIs) from only seven under the terms of the EU-Japan agreement to more than 70 potentially under our new agreement, which includes products such as English sparkling wine, Yorkshire Wensleydale and Welsh Lamb. The result would be greater recognition of the major British brands in the Japanese market. EU-Japan relations are anchored in two documents: the 1991 Joint Declaration and the 2001 Action Plan for EU-Japan Cooperation. There is also a series of forums between the two, including an annual summit of heads of state and government and an inter-parliamentary body.  The two sides have now agreed to work towards a comprehensive free trade agreement, which was discussed at the 42nd G7 Summit on 27 May 2016. Four agreements have been signed to date by both parties;  Two new pioneering agreements between the EU and Japan will come into force on 1 February 2019: the Economic Partnership Agreement and the Strategic Partnership Agreement. The Economic Agreement is the largest bilateral trade agreement ever concluded by the EU in terms of market size and will be the largest free trade area in history. According to the European Commission, the EU-Japan Economic Partnership Agreement (EPA) is the largest trade agreement ever negotiated by the EU and will create a trade zone of 600 million people and almost a third of the world`s GDP. “The EU and Japan share a common vision of an open, rules-based global economy, guaranteeing the highest standards.