On course for signing in 2018 and to take effect the following year, the trade deal will strip away most of the €1 billion in duties that EU companies pay to export to Japan. It tears down a number of long-standing regulatory barriers to create a more level playing field.
It will open up services markets, including financial, e-commerce, telecom and transport. At the same time, it protects over 200 typical EU foods and drinks from cheap imitations in Japan. The potential from cutting down the barriers is enormous: in a similar agreement with South Korea, EU exports there have increased by more than half in the five years since the deal took effect.