The European Textile and Apparel Confederation (Euratex) and Japanese Textile Federation (JTF) recently made a joint statement to promote the EU-Japan Economic Partnership Agreement (EPA).
Textile and apparel industries are growing on worldwide basis. Operating in a very competitive environment, the EU and Japan are still taking leading roles in developing high technology and quality of fibers and fabrics as well as in creating high value-added apparel and fashion.
Both the EU and Japan are key export markets for their respective textile and apparel industries. In the case of the EU, Japan ranks seventh among its textile and apparel export markets reaching almost 1.9 billion euro. For Japan, the EU is its third largest export market reaching almost 700 million euro.
Euratex and JTF maintain excellent relationship and complementarity activities. The textile and apparel trade structure between the EU and Japan is complementary. Under such circumstances, both industries believe that a trade deal would expand trade and investments in textiles and apparel between the two parties and promote further business development. It would also build platforms in various types of R&D cooperation, thereby creating new innovations and business opportunities.
Over the past years, both associations have had deep discussions on the way to reach an agreement that will benefit companies from both parties. They recently agreed on major issues, such as tariff elimination and rules of origin.