Japanese firms should recognize and respond to the European Union's growing power as a de facto setter of global business standards, because failure to do so would seriously affect the future of their overseas business, experts told a recent seminar in Tokyo.
Regulations and business models set by the 27-member bloc have a global reach because of the growing importance of the EU market and its impacts on neighboring regions, they said.
Experts from the business and legal fields were speaking at the March 27 seminar organized by Keizai Koho Center and the Japan Business Federation (Nippon Keidanren) under the theme, "How should Japan cope with the global reach of European Union regulations and standards?"