Eu Free Trade Agreements Japan

The European Union (EU) has been actively pursuing free trade agreements (FTAs) with countries around the world to boost economic growth and increase trade opportunities. In December 2018, the EU and Japan signed the largest free trade deal in history – the EU-Japan Economic Partnership Agreement (EPA). This agreement has opened up new opportunities for businesses, investors, and consumers on both sides.

The EU-Japan EPA aims to eliminate tariffs and promote liberalization of trade in goods and services, as well as establish rules for investment, intellectual property, and public procurement. Prior to the agreement, Japan was already the EU`s second largest trading partner in Asia, with trade worth €129bn in goods and €40bn in services. The EPA is expected to strengthen this relationship further.

Under the EPA, almost all tariffs on goods traded between the EU and Japan will be eliminated. This includes sectors such as agriculture, which has been a contentious issue in previous trade negotiations. According to the European Commission, the EU`s agricultural exports to Japan are expected to increase by almost 180% once the agreement is fully implemented.

The agreement also includes provisions for protecting and promoting intellectual property rights, which is crucial for companies operating in technology, pharmaceuticals, and other industries. Japan has a reputation for being a leader in technological innovation and has a strong patent system, which will benefit European companies doing business with Japan.

Another key aspect of the EPA is the establishment of a framework for resolving disputes between businesses and governments. This will provide greater certainty and transparency for investors in both the EU and Japan.

However, the EU-Japan EPA also has its critics. Some have raised concerns that the agreement could undermine certain industries and lead to job losses in Europe. For example, the European Automobile Manufacturers` Association has expressed concerns that the elimination of tariffs on Japanese cars could lead to unfair competition and job losses in the EU`s automotive sector.

Despite these concerns, the EU-Japan EPA is a significant achievement for both sides and demonstrates a commitment to open and fair trade. The agreement should bring benefits to businesses, workers, and consumers on both sides of the partnership. As the EU continues to pursue free trade agreements with other countries, it`s clear that Japan is a valuable partner and a key player in the global economy.