Brussels 13 December 2018 - Cefic welcomes the ratification of the EU-Japan Economic Partnership Agreement (EPA) by the European Parliament. Yesterday’s vote will allow the agreement to be implemented beginning of 2019, so that both businesses and consumers as a whole can reap the benefits of this modern, comprehensive and balanced Agreement. This agreement is also very much welcomed at a time when the international community is witnessing a rise of protectionism across the world. Japan is an important trading partner for the European chemical industry with more than € 11 billion worth of chemicals going both ways. The leading EU exports to Japan are petrochemicals and specialty chemicals. The agreement will remove almost all tariffs on chemicals and address certain non-tariff measures enabling a level playing field between both partners. The agreement could also bring opportunities on regulatory cooperation to set standards and converge global trade rules around a high level of protection. This agreement is part of the EU’s bilateral trade agenda. Cefic supports this agenda as well as the EU’s leading role to modernise the multilateral trade system under the aegis of the WTO. In this regard, Cefic welcomes G20 leaders’ commitment to improve the functioning of the WTO agreed at the recent summit in Buenos Aires.