BRUSSEL, Jun 29, 2019, Kyodo. European Commission President Jean-Claude Juncker has said that trade between Japan and the European Union is expected to grow by up to 36 billion euros ($40 billion) following their free trade agreement, reported the Kyodo.
The EU-Japan relationship “has never been better,” Juncker said Thursday in a written interview with Kyodo News.
Juncker is currently attending the two-day Group of 20 summit that began Friday in Osaka amid increasing tensions over the U.S.-China trade conflict.
“The vast majority of the 1 billion euros of duties paid annually by EU companies exporting to Japan and vice-versa have been removed. This will help trade between us increase by up to nearly 36 billion euros,” he said.
Juncker said he supported the launching of the “Osaka Track,” a framework of negotiations over rule making in international e-commerce and data distribution. The G-20 leaders agreed to the idea Friday.
The trade liberalization deal between two of the world’s largest economies came into effect in February.
Juncker became the head of the European Union’s executive body in 2014 and will leave his post in October.