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News Japan-EU FTA enters into force

thomas

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Good news for wine lovers and cheese gourmets: today, the free trade agreement between Japan and the EU entered into force. Cheese lovers will have to wait for 16 years though to see a 0% reduction in tariffs. Still, it's reassuring to see economic blocs cooperating and not indiscriminately engaging in "trade wars".

eujapanfta.jpg


EU-Japan Economic Partnership Agreement

European Commission - PRESS RELEASES - Press release - Key elements of the EU-Japan Economic Partnership Agreement

The elimination of tariffs promises to be good news for winemakers in the 28-member union. Years of competition with Chile has increased the South American nation’s market share in Japan, with its affordable wines gaining a foothold thanks to a Japan-Chile free trade pact. The Japanese cheese market is also poised to see an influx of cheaper products from the European Union, a headwind for domestic natural cheesemakers but an opportunity to enhance global competitiveness. The existing 29.8 per cent tariff imposed by Japan on hard cheeses like Gouda and cheddar will be reduced to zero in stages over a 16-year period. For soft cheeses like mozzarella, Japan will set a quota and the tariff will be removed completely over the same time span.

Japanese automakers, which exported over 640,000 vehicles in 2017 to the European Union, are likely to reap benefits from the pact as the current 10 per cent import tariff will be reduced to zero over 8 years. Intellectual property rights protection is another key feature of the agreement. Japan and the European Union will each protect product names associated with their origin, called “geographical indications,” such as Kobe beef and Japanese sake.

Source: Cheaper goods in store as Japan-EU free trade pact enters into force amid U.S.-China tariff war | The Japan Times

In order to promote the impact of the deal, retailers began offering wines from Europe at a cheaper price on Friday in line with the elimination of a 15 per cent tariff imposed by Japan before the pact took effect. Aeon Co. cut prices on 330 wines by an average 10 per cent, while convenience store operator FamilyMart Co. plans to follow suit Saturday by reducing prices on 14 European wines by up to 17 per cent.

Source: As new free trade pact comes into force, Japan and EU tout deal's benefits | The Japan Times


More info:

The EU – Japan Economic Partnership Agreement | Bruegel
http://bruegel.org/wp-content/uploads/2018/10/EXPO_STU2018603880_EN.pdf
 

musicisgood

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I like the cheese part. Most of the cheap wine I drink comes from Chile anyway. Kind of like Night Train crap.
Now if we can get some 100% fat Mozzarella cheese, I'll be in pizza heaven. 😍
 

Lothor

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Britain can benefit from this for just under two months. Idiots.
 

Lothor

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I still cling to the hope that it won't happen! :sneaky:
Me too, but every single outcome is going to cause major problems. I'm increasingly seeing the merits of Japan's stability despite its disfunctionality in some areas.
 

salyavin

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I'd like to see some stability with butter as well, I assume this helps with that as well.
 

musicisgood

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I'd like to see some stability with butter as well, I assume this helps with that as well.
I know, butter here is like 458 yen without salt. Not sure what it is in your country, but I refuse to use margarine these days.
 

salyavin

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200grams right? Those shortages about 4 years ago where they limited purchased were really annoying. I also dislike margarine.
 
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