#Trade: European Commission proposes signature and conclusion of #Japan and #Singapore agreements

| April 23, 2018

The Commission has presented the outcome of negotiations for the Economic Partnership Agreement with Japan and the trade and investment agreements with Singapore to the Council. This is the first step towards the signature and conclusion of these agreements.

A swift conclusion and a quick implementation of the most important trade agreement ever negotiated by the EU was a personal commitment undertaken by European Commission President Jean-Claude Juncker and Japanese Prime Minister Shinzo Abe. During a bilateral Summit and at the margins of a G7 Summit, both leaders provided political leadership at the highest level in order to accelerate and finalize negotiations in 2017.

Juncker said: “The step we are taking today paves the way for our companies and citizens to start benefitting from the full potential of the Economic Partnership Agreement with Japan already in the coming year. Europe believes in open and fair trade, based on a global rulebook. Our economy depends on it, our companies thrive off it and our consumers expect it. Along with like-minded partners around the world it helps us create jobs and set standards both at home and abroad. Today we take a step forwards towards concluding agreements with two of our closest Asian partners, Japan and Singapore. The impact of these agreements will go far beyond our respective shores – it sends a clear and unambiguous message that we stand together against protectionism and in defence of multilateralism. This is more important than ever.”

Jobs, Growth, Investment and Competitiveness VicePresident Jyrki Katainen said: “The EU stands up for an open, rules-based and fair trade order. Japan and Singapore are key and like-minded economic partners. The signature of deep and comprehensive trade agreements with them will benefit our exporters, workers and consumers – by for example eliminating duties worth €1 billion per year on EU exports to Japan every year. It is also a concrete step towards a better global trade order, based on shared values and rules. We now hope for a swift and smooth conclusion of these agreements, which will allow EU firms, workers, farmers and consumers to reap the benefits of these deals as soon as possible.”

Trade Commissioner Cecilia Malmström said: “With Japan and Singapore we are making a strong statement in defence of open and fair trade based on rules. These win-win agreements will also create major opportunities for European businesses and citizens. The economic partnership with Japan will cover an area with 600 million consumers and a third of global GDP. Its economic potential is clearly unprecedented. Singapore is already a gateway for Europe into Southeast Asia, and with our new agreements we aim for a strong boost to our trade with the region. Both Japan and Singapore are important partners for us in defending multilateralism and ensuring strong international organizations.”

A full press release is available online.

More information

EU-Japan agreement webpage

MEMO: Key elements of the EU-Japan Economic Partnership Agreement

EU-Singapore agreements webpage

MEMO: Key elements of the EU-Singapore trade and investment agreements


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