EU-Japan Agreement Secures EUR 34 Million in Jobs and Prosperity in Austria

PeopleDiplomats ♦ Published: February 4, 2019; 20:59 ♦ (Vindobona)

The EU's Economic Partnership Agreement with Japan entered into force on 1 February 2019. For Austria, Japan is by far the second most important market in Asia and the third most important overseas trading partner. About 1000 Austrian exporters are active in Japan, 80 companies have local branches. In 2017 the trade volume reached an all-time high of 3.5 billion euros.

The Japanese Ambassador to Austria, H.E. Kiyoshi Koinuma, met the Austrian Minister of Economy Margarete Schramböck for a working discussion. / Picture: © BMDW Federal Ministry for Digital and Economic Affairs

The savings potential through the elimination of customs duties amounts to around one billion euros across the EU and around EUR 34 million for Austria.

It is expected to have a growth effect of 0.011 percent (34 million euros) of GDP.

"When proven partnerships - keyword Brexit and the USA - become unstable, a small economy like Austria needs all the more modern and…