The economic partnership agreement between Japan and the European Union (Japan-EU Free Trade Agreement – JEFTA) was officially signed by both parties on July 17, during a ceremony that took place in Tokyo in the presence of the President of the European Commission, Jean-Claude Juncker, and the Japanese Prime Minister, Shinzo Abe.
The agreement, which will officially come into force after the ratification by the EU and the Japanese parliaments, expected by March 2019, provides that Japan will abolish customs duties on 94% of goods imported from the European Union.
Likewise, the European Union undertakes to cancel custom duties on 99% of Japanese goods, guaranteeing particular opening margins on certain product segments, such as cars and television sets.
According to the signatories, who also expressed their aim to furtherly improve the agreement through new negotiations and highlighted the need to abolish the tariff barriers between the two blocks, JEFTA represents “a powerful message against protectionism” and opens the way for new and profitable commercial exchanges.
“Regarding our company and, in general, our sphere of activity,” says Paolo Pirota, Commercial Director of Intech Automazione. “We can’t help but be satisfied with this historical decision, and we look forward to seize the opportunities that will arise. The Japanese market is very interesting and mature and, in terms of quality, needs and expertise, similar to ours. Taxes and other limitations slowed the exchange of goods so far – we are confident in the future, since current conditions are excellent”.
Read more: EU-Japan EPA
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