EU - Japan | Important signal in uncertain trade times

VCI director-general Utz Tillmann sees the signing of the free trade agreement between the European Union and Japan at the Tokyo summit as a highly positive and psychologically valuable signal for the economy in Europe: “In times of increasing trade tensions between the USA, China and the EU, it is more important than ever before for Europe to have close bonds with like-minded major industrial nations and to create perspectives for free trade.” At the beginning of July the EU Trade Council paved the way for the signing of the agreement. The VCI director-general trusts that the European Parliament will approve the agreement still in the present legislative period so that its rules can apply as soon as possible.

In view of the geopolitical challenges, Tillmann particularly appreciates that two strong industrial nations are moving forward together on the basis of international law, opening up markets for the benefit of consumers and companies. Tillmann: “As an essential economic factor in the Pacific Rim, Japan is a key partner for the European Union. Both sides share many common interests, ranging from free trade and the protection of intellectual property to high consumer and environ-mental standards.” However, Tillmann also points out that the method agreed between the EU and Japan for examining the rules of origin should not become a blueprint for other trade agreements.

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