NEWS
EU EXPORTED 17.3% MORE WINE TO JAPAN 10 MONTHS INTO FREE TRADE DEAL
By Susan Lewis
4-2-2020
Credit: Rinson Chory/Unsplash
Japan and the European Union marked the first anniversary of their free trade agreement on 1 February, EU statistics showed that wine export from EU to Japan grew a substantial 17.3% in the first 10 months of the free trade deal.
There is, however, no detailed breakdown of wine exports data from individual EU countries.
Beverages export went up by 20%, while cider exports up a whopping 31.5% in February through November 2019 compared to same period in 2018.
Overall, EU exports to Japan went up by 6.6% compared to the same period the year before. This outperforms the growth in the past three years, which averaged at 4.7%.
Japanese exports to Europe also grew by a satisfactory 6.3% in the same period.
EU Commissioner for Trade Phil Hogan commented: “The EU-Japan trade agreement is benefiting citizens, workers, farmers and companies in Europe and in Japan. Openness, trust and a commitment to established rules help deliver sustainable growth in trade.”
The EU-Japan trade agreement took effect on 1 February 2019. It aimed at scrapping duties on 97% and 99% of Japanese and European imports respectively.
Exporters from EU countries were expected to pay €1bn less tariffs in Japan - 15% on wine, nearly 40% on beef, up to 30% on chocolate and up to 40% on cheese.
At the same time, EU will reduce the 10% duties on Japanese car imports to zero by 2027. Japan's government estimated that it could increase GDP by 1%.
The deal also provides better access for services firms, allowing them to bid for more public contracts.
(the writer can be contacted at: info@thewinechronicle.com)
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