One year on from Japan trade deal, how is EU agri-food faring?
Saturday, February 1, marked the one-year anniversary of the EU-Japan Economic Partnership Agreement (EPA), a trade agreement that lowered tariffs on exports to the Asian country for European goods.
These include agri-food exports from Europe to Japan. How are European agri-food exports to the ‘far east’ faring in the 12 months since?
With an average boost in trade across all economic sectors of 6.6% compared to the preceding 12 months, the agri-food sectors performed above that average – and well above in the case of some products.
Meanwhile, dairy exports to Japan from the EU have increased by 10.4%, which include a 47% increase in butter, a 120% rise in milk and cream, and a 7% rise for cheese.
Beverage exports are up 20% compared to the 12 months before the agreement came into force, with wine exports rising by 17.3%.
In a statement, the commission said that the deal offers “new opportunities” for EU businesses.
Tariffs on EU beef entering Japan are set to fall to a rate of 9% over the period of the agreement.
Commenting on the boost in trade, Commissioner for Trade Phil Hogan said: “The EU-Japan trade agreement is benefiting citizens, workers, farmers and companies in Europe and Japan.”
€200 million scheme
In other European Commission related news, it was revealed today that a €200 million investment scheme for the processing and marketing of agricultural products in Ireland has been approved.
The scheme will run until the end of 2025.
Commissioner Hogan said: “I am confident that the scheme approved today [Tuesday, February 4] will encourage innovative investments in this important sector which would otherwise not have occurred.”