A leading driver and strong advocate for European Businesses in Korea
EU and Japan sign Economic Partnership Agreement
*The following is the official statement from the Delegation of the European Union to the Republic of Korea on behalf of the EU.
EU and Japan sign Economic Partnership Agreement
Yesterday the European Union and Japan signed a deep and comprehensive Free Trade Agreement, called the “Economic Partnership Agreement” (EPA).
The trade agreement is the biggest ever negotiated by the EU and will create an open trade zone covering over 600 million people.
Though EU firms already export over €58bn in goods and €28bn in services to Japan every year, many of them still face trade barriers when exporting, which make it hard for them to compete. This trade agreement will not only remove these barriers, it will help shape global trade rules in line with the EU’s high standards and shared values and sends a powerful signal that two of the world’s biggest economies clearly reject protectionism. The EU believes in and stands by the principle that “If we can work together effectively on the basis of open markets, our economies will gain, our businesses will gain, and our consumers will gain”.
The EPA will open huge market opportunities for both sides, strengthen cooperation between Europe and Japan in a range of areas, reaffirm their shared commitment to sustainable development, and include for the first time a specific commitment to implement the Paris climate agreement. This is now the EU’s most advanced and modern text for any trade agreement it has ever negotiated.
The EU-Korea FTA, in contrast, has now been in place for just over 7 years. It has been successful for both sides, resulting in increased trade and investment. But since 2011, economic and technological developments have changed the way trade is conducted and the fourth industrial revolution will change the landscape further. With the signing of the EU-Japan EPA, the EU-Korea FTA is no longer as up-to-date as it could be. The EU therefore wishes to see a modernization and improvement of the text in order to tackle some of the trade barriers that companies continue to face in EU-Korea trade. We believe a modernized text would bring benefits for exporters and importers, investors and consumers in the EU as well as in Korea. The signing of the EPA between the EU and Japan shows us the way ahead.
EU and Japan sign Economic Partnership Agreement
*The following is the official statement from the Delegation of the European Union to the Republic of Korea on behalf of the EU.
EU and Japan sign Economic Partnership Agreement
Yesterday the European Union and Japan signed a deep and comprehensive Free Trade Agreement, called the “Economic Partnership Agreement” (EPA).
The trade agreement is the biggest ever negotiated by the EU and will create an open trade zone covering over 600 million people.
Though EU firms already export over €58bn in goods and €28bn in services to Japan every year, many of them still face trade barriers when exporting, which make it hard for them to compete. This trade agreement will not only remove these barriers, it will help shape global trade rules in line with the EU’s high standards and shared values and sends a powerful signal that two of the world’s biggest economies clearly reject protectionism. The EU believes in and stands by the principle that “If we can work together effectively on the basis of open markets, our economies will gain, our businesses will gain, and our consumers will gain”.
The EPA will open huge market opportunities for both sides, strengthen cooperation between Europe and Japan in a range of areas, reaffirm their shared commitment to sustainable development, and include for the first time a specific commitment to implement the Paris climate agreement. This is now the EU’s most advanced and modern text for any trade agreement it has ever negotiated.
The EU-Korea FTA, in contrast, has now been in place for just over 7 years. It has been successful for both sides, resulting in increased trade and investment. But since 2011, economic and technological developments have changed the way trade is conducted and the fourth industrial revolution will change the landscape further. With the signing of the EU-Japan EPA, the EU-Korea FTA is no longer as up-to-date as it could be. The EU therefore wishes to see a modernization and improvement of the text in order to tackle some of the trade barriers that companies continue to face in EU-Korea trade. We believe a modernized text would bring benefits for exporters and importers, investors and consumers in the EU as well as in Korea. The signing of the EPA between the EU and Japan shows us the way ahead.