EU-Japan trade agreement on track for February

© Ognjen Stevanovic

Greater trade is expected between the EU and Japan following yesterday’s approval of a trade agreement, which will come into force in February. It creates an open trading zone of 635m people, accounting for almost one third of world GDP.

The agreement will see the elimination of duties on many cheeses, which currently face 30% tariffs, including Cheddar and Gouda, and also allows the EU to substantially increase beef exports and more pork. It also removes tariffs on cosmetics, chemicals, textiles and clothing, and commits Japan to international car standards.