The Arctic Economic Council greets the EU-Japan Economic Partnership Agreement (EPA)

Japan and the EU have signed the EU-Japan Economic Partnership Agreement. The signing took place in the 25th EU-Japan summit in Tokyo. This very highly ambitious trade agreement between two of the world’s largest economies is of utmost importance in the era of trade wars. It supports freedom of trade and it is a very welcomed counter-development against rising protectionism in various markets. The agreement with Japan will remove a majority of customs duties that cost EU based businesses exporting to Japan €1 billion a year. It is also expected to result to a significant increase on the EU exports to Japan. Japanese infrastructural expertise is highly welcomed in the European Arctic.

“Arctic financial value chains are a vital part of global trade and there are many potential positive outcomes of this agreement for the European Arctic areas as well as Japanese businesses”, says Mr. Tero Vauraste, the Chairman of the AEC. “Connectivity is of utmost importance for the Arctic projects’ development and this agreement opens opportunities for new technological collaboration, which may help to implement modern, safe and effective solutions for harsh and fragile Arctic environment”, adds Evgeniy Ambrosov, Vice-Chair of the AEC.

The AEC expects quick ratifications by the European Parliament and the Japanese Diet and the efficient implementation of this important agreement.

The full statement: AEC STATEMENT EPA