Main news from Brussels this week
date: 26/04/2019
26th EU-Japan Summit takes partnership to a higher level
The 26th Summit between the European Union and Japan took place on 25 April in Brussels, with the President of the European Commission, Jean-Claude Juncker, and the President of the European Council, Donald Tusk, representing the European Union. Japan was represented by its Prime Minister, Shinzō Abe. EU High Representative for Foreign Affairs and Security Policy/Vice-President of the Commission, Federica Mogherini, Commission Vice-President for Jobs, Growth, Investment and Competitiveness, Jyrki Katainen, and Commissioner for Trade, Cecilia Malmström, also took part. The Summit provided an opportunity for the EU and Japan to demonstrate their strong support for the rules-based international order, to promote multilateralism as well as free and fair global trade, and to coordinate ahead of the G20 summit in Osaka(link is external). Leaders reviewed the implementation of the EU-Japan Economic Partnership Agreement and the EU-Japan Strategic Partnership Agreement, which were signed at last year's summit. The Economic Partnership Agreement entered into force on 1 February 2019, and has created the largest open trade zone in the world, with a marketplace home to 635 million people and representing just under a third of the world's GDP.
European Commission adopts EMIR equivalence decision for derivatives transactions in Japan
On 25 April, ahead of the 26th EU-Japan Summit the European Commission determined certain rules of Japan to be equivalent to the European Market Infrastructure Regulation (EMIR) in terms of the legal, supervisory and enforcement arrangements for non-centrally cleared over-the-counter (OTC) derivatives transactions. In particular, the decision concludes that Japan Financial Services Agency (JFSA) rules on valuation and dispute resolution for OTC derivative contracts not cleared by a central counterparty are equivalent to EMIR. It also determines that JFSA rules on obligations on the exchange of collateral ('margins') between counterparties are equivalent to EU rules. The European Commission's decision will alleviate the regulatory burden for EU and Japanese companies. It will allow market participants to comply with only one set of rules and to avoid duplicative or conflicting rules. The decision takes the form of an implementing act and will enter into force on the twentieth day following its publication in the Official Journal of the EU.
Online platforms report on countering disinformation in March
On 23 April, the European Commission published the latest reports by Facebook, Google and Twitter covering the progress made in March 2019 on fighting disinformation. The three online platforms are signatories to the Code of Practice against disinformation and have committed to report monthly on their actions ahead of the European Parliament elections in May 2019. Ahead of the vote, the Commission is monitoring the progress of the platforms towards meeting the commitments that are most relevant and urgent ahead of the election campaign: scrutiny of ad placements; political and issue-based advertising; and integrity of services.
New Regulation to cut down on trans fatty acids in foods
On 24 April, the Commission adopted a new Regulation to set a maximum limit on the amount of industrially produced trans-fat in foods in the EU. The measure aims at protecting consumers' health and providing Europeans with healthier food options. Over the years, a number of scientific studies, including one from the European Food Safety Authority, have stressed that the dietary intakes of trans fat should be as low as possible in order to avoid health risks. The maximum limit set today corresponds to 2 grams of industrially produced trans fats per 100 grams of fat in the food intended for the final consumer and food intended for the supply to retail. Also, businesses must provide information on the amounts of trans fat in food supplied to other businesses if the limit of 2 grams is exceeded. This Regulation will apply as from 2 April 2021.
All this week's key European Commission announcements can be found here