EU’s largest ever trade deal is good news for sp - sportstextiles: Lea SportsTextiles

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EU’s largest ever trade deal is good news for sports brands

17/07/2018
The twenty-fifth EU-Japan summit concluded on July 17 in Tokyo with the signing of a new free trade agreement between the two. When the agreement comes fully into force it will remove 99% of the tariffs paid by EU companies exporting to Japan.

This is certain to be good news for companies making sports apparel, shoes and equipment in the European Union, for whom Japan has long been an important export market. For example, in 2017, adidas achieved sales revenues in Japan of more than €1 billion, an increase on the previous year of 4.8% (although, of course, many of the products the brand sold in Japan were made outside the EU).

This is the largest trade deal ever negotiated by the EU. It will create a trade zone covering 600 million people and nearly one-third of global GDP.

Both parties said the new free-trade agreement “sends a clear message that the EU and Japan stand together against protectionism”.


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