2. New Managing Directors in Spain, Portugal, and Germany
3. EU-Japan Trade Agreement
4. Cooperation Optimises Digital Document Exchange
5. Kerry Logistics Aiming to Enhance Trade Relationship between India & Europe
6. VBO Helps Optimise Sourcing Activities
EU-Japan Trade Agreement Will Further Intensify Trade Between the Two Partners
On 1 February 2019, the new Economic Partnership Agreement between the EU and Japan entered into force. The new trade agreement has significantly lowered the hurdles for EU companies exporting goods to Japan and vice versa. With Kerry Logistics’ services, you can benefit from this intensified trade relationship.
Japan has long been an important market for EU companies. They export 58 billion euros in goods and 28 billion in services annually, making Japan the EU’s second-biggest trading partner in Asia (sixth overall). Until the agreement had taken effect, trade barriers such as high duties on food (especially on various types of cheeses and beef) and wine exports, as well as long and costly approval processes for produce, impeded free commerce between the two partners, discouraging EU companies from trying to gain access to this lucrative market. Under the new agreement, Japan has agreed to a progressive reduction of close to one billion euros in tariffs.
Boosting imports and exports alike
Researchers at the London School of Economics expect exports from the EU to Japan to increase by up to 30 per cent. The industries and services with the highest share of EU exports to Japan are food & beverage, automotive, and transport. But imports will rise too: Japan’s economy is famous for its advanced automobile and electronics industries.
Especially small and medium sized companies in Europe can take advantage of the agreement. For them, simplified customs and import procedures facilitate trade, and more consistent technical requirements reduce export-related costs. Also, consumers in the EU will benefit from lower prices of products from Japan.
“European commodities have an excellent reputation in Japan and are thus in high demand. Automakers, pharmaceutical companies, and the agriculture sector welcome the easier access to this crucial market”, explains Birte Schulz, Commercial Director Europe of Kerry Logistics. “With our teams in Japan as well as Europe, our customers can rely on the know-how of our local experts who will help them profit from the opportunities in what is now the largest open trade zone in the world”.
Kerry Logistics helps European companies in their trade efforts with Japan. For over a decade we have connected Europe with our strong network in the Asia Pacific region, offering a full suite of air and ocean freight services. Our comprehensive service portfolio offers specialised end-to-end transport solutions for industries such as food & beverage, automotive, as well as fashion and lifestyle.