The EU-Japan trade agreement is delivering results

Trade agreements of various kinds are there to help as one of the most important instruments to mitigate and simplify international trade in an increasingly complex and complccted world. There are more than 550 agreements operational today and we know from studies that they are only utilized to 55-60%. Companies are leaving money on the table and missing opportunities in new markets.

Even though the potential is so much higher, the power of trade deals is still impressive. Thanks to the Economic Partnership Agreement, trade between the EU and Japan grew by an impressive 13.4% in 2022.

The agreement also helped both partners recover from the pandemic, with trade in goods returning to pre-pandemic levels in 2021.

In fact, EU exports to Japan grew by 6.6% in 2020 compared to the previous year, exceeding the growth rate of the previous three years.

According to both partners, this agreement is an important cornerstone of the EU-Japan trade relationship and plays a crucial role in strengthening the political ties between the EU and Japan.

By the way, did you know that Japan holds a significant position in the EU’s trade relations with Asian countries, standing as its second largest trading partner after China? Moreover, in terms of both imports and exports of goods, Japan is ranked seventh among the EU’s trading partners.

Source: EuropeanCommission