The European Union and Japan have just finalised the trade agreement they have been negotiating since 2013. Member of the European Parliament Marietje Schaake (D66/ALDE) welcomes the agreement and stresses the economic value and strategic importance of the agreement.
"A trade agreement with our second largest trading partner in Asia not only promises economic benefits. In an age of Trump-led protectionism and the cynical mercantilism of China, it is of strategic importance that we continue defending the international trading system. By working together with like-minded partners such as Japan, we can raise the bar on global standards."
Digital trade rules
Rules about data are missing from the current agreement, but both sides have agreed to revisit this subject again within three years. Schaake believes this needs to happen as soon as possible if Europe want to lead on digital trade. Schaake: "We have come a long way but our work is not yet finished. An ambitious text about the free flow of data between the EU and Japan, setting privacy standards and creating a framework for digital trade should be our ambition. Only then can we speak about a trade agreement fit for the 21st century
Next steps: the agreement reached today will now be submitted to the European Parliament and member states for approval.