Organized by the Research Institute for Customs and Foreign Trade Law (JKU, dept. head: Univ.Prof. Markus Achatz), the Austrian presidency in the European Council was the subject of hefty debate. The general tone is that the Presidency’s main goal is to strengthen the external and internal security of international trade. Efforts should also be made to combat financing terrorism (such as selling cultural goods on the black market, smuggling cash, etc.). The contentious issue regarding Brexit tariff quotas was addressed, along with discussions regarding new and largest agreement ever with Japan (agreement between the EU and Japan Economic Partnership Agreement). Economic talks with the second largest trading partner will be re-defined by lowering tariffs and eliminating obstacles. Business and trade attorneys will continue to have their hands full and this will certainly not be the last meeting to address these intriguing issues.