It will open the Japanese market of 127 million consumers to important EU agricultural exports, protect more than 200 traditional European regional food and drink products in Japan (geographical indications) and increase EU export opportunities in a number of other sectors, including the possibility for European companies to apply for public contracts in many Japanese cities. The agreement with Japan is the largest bilateral trade partnership ever negotiated by the European Union and was a personal commitment by European Commission President Jean-Claude Juncker and Japanese Prime Minister Shinzo Abe. During a bilateral summit and on the sidelines of a G7 summit, the two heads of state and government took action at the highest level to accelerate and conclude negotiations in 2017. Singapore is already the number one site for European investment in Asia, with rapid investment growth in between in recent years. Bilateral investment stocks reached €256 billion in 2016. Commission proposes to sign and conclude Agreements between Japan and Singapore ahead of THE MEMO: Key Elements of EU-Singapore Trade and Investment Agreements The European Commission today presented to the Council the outcome of negotiations on the Economic Partnership Agreement with Japan and the Trade and Investment Agreements with Singapore. This is the first step towards the signing and conclusion of these agreements. After approval by the Council, the agreements will be forwarded to the European Parliament with a view to the entry into force of the trade agreements with Japan and Singapore before the expiry of the current mandate of the European Commission in 2019. Jean-Claude Juncker, President of the European Commission, said: « The step we are taking today paves the way for our businesses and citizens to reap the full potential of the Economic Partnership Agreement with Japan as early as next year. Europe believes in open and fair trade based on a set of global rules. Our economy depends on it, our businesses live on it and our consumers expect it. Together with like-minded partners around the world, he helps us create jobs and set standards in Switzerland and abroad. Today, we are taking a step towards reaching agreements with two of our closest Asian partners, Japan and Singapore.
The impact of these agreements will go far beyond our respective coasts – they send a clear and unequivocal message that we together oppose protectionism and the defence of multilateralism. . . .