On 17 July 2018 Europe and Japan signed a free trade agreement, the largest ever negotiated between the two economic areas. The JEFTA (Japan EU Free Trade Agreement) covers 600 million people, will have effect on a European export which is already worth 58 billion in terms of goods and another 28 billion for services and covers a free trade area covering almost a third of world GDP; Once the agreement is fully implemented, Japan will have abolished customs duties on 97% of goods imported from the EU, for an estimated saving of 1 billion a year for European companies,
some sectors provide for the complete elimination of tariffs, such as chemicals, plastics, cosmetics and textiles. The duties on footwear will be reduced from 30% to 21% upon entry into force, and then be completely abolished during the following 10 years. EU export duties of leather products, such as bags, will be eliminated within 10 years.