EU Trade Commissioner Cecilia Malmström and Jobs, Growth, Investment and Competitiveness Commissioner Jyrki Katainen. (Photo: EC)

EC intends to speed trade deal settlements with with Japan and Singapore

EUROPEAN UNION
Thursday, April 19, 2018, 03:20 (GMT + 9)

The European Commission (EC) proposes to speed the settlement of the Economic Partnership Agreement with Japan and the trade and investment agreements with Singapore, which is viewed as a clear and unambiguous message that they stand together against protectionism and in defence of multilateralism.

"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,” pointed out President of the European Commission Jean-Claude Juncker.

The agreement with Japan is the biggest bilateral trade partnership ever negotiated by the European Union and was a personal commitment undertaken by the President of the European Commission Jean-Claude Juncker and the Prime Minister of Japan 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 finalise negotiations in 2017.

The Council states that Economic Partnership Agreement will open huge market opportunities for both sides, strengthen cooperation between Europe and Japan in a range of areas, reaffirm their shared commitment to sustainable development, and include for the first time a specific commitment to the Paris climate agreement.

In Addition, the EC points out that it will remove the vast majority of customs duties that cost EU companies exporting to Japan EUR 1 billion a year.

On the other hand, the trade and investment agreements with Singapore are the EU's first completed bilateral deals with a member of the Association of Southeast Asian Nations (ASEAN).

Within ASEAN, Singapore is by far the EU's largest partner with a total bilateral trade in goods of EUR 53.3 billion (2017) and in services of EUR 44.4 billion (2016).

Over 10,000 EU companies are established in Singapore and use it as a hub to serve the whole Pacific region. With these agreements, the EU has therefore made an important stride towards setting high standards and rules for the important and fast-growing Southeast Asian region.

Once approved by the Council, the agreements will be sent to the European Parliament, aiming for the entry into force of the trade agreements with Japan and Singapore before the end of the current mandate of the European Commission in 2019.
 
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