The EU-Japan Economic Partnership Agreement (EPA) is a comprehensive trade agreement that was signed in 2018. This agreement is among the largest and most significant in the world, representing a combined market of 600 million people and 30% of global GDP. The EPA aims to create an open and fair trade environment by eliminating tariffs, simplifying customs procedures, and reducing regulatory barriers.
The EPA includes provisions on services, investment, intellectual property, and public procurement, among others. It also addresses non-tariff barriers such as technical regulations, standards, and conformity assessment procedures. The agreement also includes a chapter on sustainable development, ensuring that environmental and social issues are addressed in trade relations.
The EPA has significant policy implications for both the EU and Japan. For the EU, the agreement represents an opportunity to increase trade and investment with Japan, one of the largest and most technologically advanced economies in the world. The agreement is expected to boost EU exports to Japan by around 13 billion euros per year, creating new opportunities for European businesses across a wide range of sectors.
For Japan, the EPA is an opportunity to access the EU market more easily and to benefit from the removal of tariffs on a variety of products, including agricultural and industrial goods. The agreement is expected to increase Japanese exports to the EU by around 16 billion euros per year.
In terms of content, the EPA is an extensive document that covers a wide range of topics. One of the most important aspects of the agreement is the elimination of tariffs. The EPA aims to phase out tariffs on 99% of the EU`s exports to Japan over time, providing significant benefits for European businesses. The agreement also includes provisions on services, investment, and intellectual property, which are important areas for both the EU and Japan.
The EPA also addresses non-tariff barriers, which are a significant impediment to trade and investment. The agreement includes provisions on technical regulations, standards, and conformity assessment procedures, which will make it easier for companies to sell their products and services in both markets. The agreement also includes commitments on sustainable development, ensuring that environmental and social issues are taken into consideration in trade relations.
In conclusion, the EU-Japan Economic Partnership Agreement is a comprehensive trade agreement that has significant implications for both the EU and Japan. The agreement is expected to increase trade and investment between the two regions, providing new opportunities for businesses in a wide range of sectors. The EPA also includes important provisions on non-tariff barriers and sustainable development, making it a key instrument for promoting open and fair trade relations.