Eu Japan Economic Partnership Agreement Full Text
The agreement came into force on Friday, February 1, 2019. The texts are binding on the parties under international law only when each of the parties has completed its internal legal procedures necessary for the agreement to enter into force. The agreement in principle – shared with EU member states and the European Parliament in July 2017, when a political agreement was reached – describes this document, which is written in the agreement Negotiations between the EU and Japan on the Economic Partnership Agreement (EPA) are over and the legal review of the texts is complete. In view of the Commission`s transparency policy, we publish here the EPA texts in their position after the legal review. Texts are published only for informational purposes and can still be amended. The final piece of the puzzle is the STRATEGIC partnership agreement BETWEEN the EU and Japan (SPA). While the G.S.O. will not enter into force until the agreement has been ratified or approved by all EU Member States, parts of the agreement have been applied on an interim basis since 1 February. The G.S.O. is based on common values and principles such as democracy, the rule of law and human rights.
The peculiarity of the agreement is the legally binding nature that separates it from the sea of rhetorical „strategic partnerships“ that the EU maintains with other important countries. The G.O.O. is setting up a joint EU-Japan committee to coordinate the implementation of the partnership and resolve disputes. Taxation and customs:ec.europa.eu/taxation_customs/business/international-affairs/international-customs-cooperation-mutual-administrative-assistance-agreements/japan_en EU-Japan Cooperation:ec.europa.eu/growth/industry/international-/cooperation-government// Eu-japan_en About the agreement:ec.europa.eu/trade/policy/in-focus/eu-japan-economic-partnership-agreement/ Over the next 15 years, the EPA will remove 97% of Japan`s customs positions on imported EU goods, this will save around 1 billion euros in customs duties paid. By then, 99% of European customs posts will be eliminated for imported Japanese products, or about 2 billion euros in tariffs paid. It is estimated that, as a result of these reductions, annual trade between the EU and Japan could increase by almost EUR 36 billion once the EPA is fully implemented. Japan, on the other hand, will reap the most fruit in the automotive industry. While EU tariffs on Japanese cars were previously 10%, they will be completely abolished in eight years. More than 90% of EU tariffs on car parts imported from Japan have already been abolished.
One of the drawbacks of the EPA between the EU and Japan is why it was possible to conclude this agreement so quickly and without incident. In 2016, when the EU was about to sign its agreement with Canada, the Comprehensive Economic and Trade Agreement (CETA), it had a nasty surprise because the Walloon region was opposed to the agreement and threatened to block it. Subsequently, with regard to the free trade agreement between the European Union and Singapore, the European Court of Justice decided that its dispute settlement mechanism for investments in shared powers between the EU and Member States was applicable, so that the agreement must be concluded jointly by the EU and its Member States.
