NordenBladet — The EU and Japan finalised their negotiations on a comprehensive Free Trade Agreement on 8 December 2017. The agreement is significant both economically and politically. Together the EU and Japan account for approximately a third of the world’s GNP.
The trade agreement covers a large part of their trade in goods, related regulation and barriers to trade, as well as trade in services. The agreement’s entry into force will immediately remove tariffs on 90 per cent of exports from the EU to Japan. The agreement will make it easier for EU service providers to access Japanese markets in many areas. Instead, a decision was made about continuing negotiations on the protection of investments separately from the Free Trade Agreement.
Barriers to trade in important Finnish exports, such as plastic and chemical industry products, will be lifted immediately after the entry into force of the agreement. Tariffs on wood products will be removed after certain transition periods. The opening of Japan’s foodstuff markets will offer new opportunities for Finnish food exporters.
According to Minister for Foreign Trade and Development Kai Mykkänen, the agreement is good news from the point of view of Finland and open world trade. “Finland has a good reputation in Japan. Free trade with Japan opens up new export opportunities and it is important that Finnish companies take advantage of the possibilities effectively,” Minister Mykkänen says.
The aim is to start the application of the agreement towards the end of next year.
Source: Finland.ee
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