After a long process of negotiations that began in 2013 and not without differences between both parties, finally the European Union and Japan signed a Free Trade Economic Agreement on 1 February. Specifically, the Agreement contemplates the elimination of tariffs between both geographical areas. In addition to facilitating economic transactions between both economies, this milestone involves sending a clear message from two of the world’s most prosperous economies that international trade is moving in the opposite direction of protectionism and towards globalization. It supposes a brave bet in the present times where in some western countries the populisms that champion protectionism and anti-globalization messages enjoy more and more followers.
From now on, the cars and other types of goods manufactured in the Japanese country will not have customs barriers to enter the European Union. For its part, Spanish, French and Italian wines, or olive oil, to name a few of the best-known products in Japan, will make it easier to reach Japanese consumers.
With regard to the European health and cosmetics industry, it represents an opportunity to sell in the country of the rising sun those products that are more unique, of high quality and that enjoy greater popularity here. The Japanese consumer is distinguished for having a high purchasing power, but also for being demanding with regard to the quality and safety of what he buys and also well informed.
For the health and beauty industry of the country of the rising sun, Europe represents a market of more than 500 million people who, from now on, will begin to be more familiar with more Japanese brands.
Vice President, Sales