The EU-Japan Trade Agreement comes into force

The EU-Japan Economic Partnership Agreement will come into force on 1 February, which will abolish the vast majority of customs duties of about 1 billion euros per year for the EU companies exporting to Japan – the European Commission announced on Thursday.

According to the information, following the full implementation of the agreement, Japan will abolish customs duties on 97 percent of EU imports.

The agreement also eliminates a number of long-standing regulatory barriers, such as the adoption of international standards for passenger cars. (MTI)