The European Commission welcomed on Friday 31 January the increase in trade between the EU and the Far East country since the implementation of the EU-Japan Economic Partnership Agreement (EPA) (see EUROPE 12184/3).
Eurostat figures show a 6.6% increase in trade in the first ten months - better than the results of the last three years combined, the Commission stressed in a press release.
At the time of its ratification, this agreement, which was considered to be of great benefit to the agricultural sector, easily won the support of MEPs (see EUROPE 12158/14). The Commission also indicated that EU exports of meat increased by 12%, dairy products by 10.4% (mainly butter), and beverages by 20%.
Leather goods and clothing increased by 14% and 9.5% respectively.
Exports of electrical machinery, such as telecommunications equipment, storage devices and electronic circuits, increased by 16.4%.
Seen from Japan
On the Japanese side, good figures in agri-food exports were also welcomed: Japanese wagyu beef and sake are said to have jumped by 28% and 5% respectively.
Japanese vehicle exports to the EU increased by 19% compared to the previous year, according to trade statistics published by the Japanese Ministry of Finance. It will take another seven years for these rights to be completely abolished in the EU.
The Economic Partnership Agreement (EPA) with Japan, described as historic, is expected to establish a free trade area covering almost a third of the world’s Gross Domestic Product (GDP) and a market of 635 million people and to generate an increase in exports of 34% for the EU and 29% for Japan once it is implemented.
It should be remembered that talks on an investment protection agreement are still pending (see EUROPE 12325/22). (Original version in French by Hermine Donceel)