In July 2018 the EU and Japan signed an Economic Partnership Agreement in order to remove trade barriers. From 1st February 2019 the EPA came into force and is projected to eliminate €1 billion worth of tariffs paid annually by companies exporting goods to Japan, with an increase in GDP of €33 billion by 2035.
The EU – Japan EPA will be the world’s largest open economic area, said to make up 40% of global trade value, sending a powerful signal that two of the world’s largest economies explicitly reject trade protectionism.
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Find out more by reading UPS’s factsheet > The EU-Japan EPA pdf format