President of the European Council Donald Tusk, Japanese PM Shinzo Abe and European Commission President Jean-Claude Juncker at the 24th EU-Japan Summit, July 6, 2017. (Photo: European Commission)

The Economic Partnership Agreement between the EU and Japan will remove EU tariffs of 10% on Japanese cars and 3% for most car parts. It will scrap Japanese duties of some 30 percent on EU cheese and 15 percent on wines as well as open access to public tenders in Japan. Tokyo will also open up services markets, in particular financial services, telecoms, e-commerce, and transport.