International Agreements in Progress: Bilateral trade deal with Japan – largest to date for EU
Following the signature of the EU-Japan Economic Partnership Agreement (EPA) in July 2018, and the conclusion of the ratification procedures by both partners at the end of 2018, the agreement entered into force on 1 February 2019. The agreement is the EU's largest bilateral trade agreement to date. It establishes a free trade area with a combined market of around 640 million consumers, accounting for roughly a third of the world's gross domestic product (GDP). The European Commission's analysis of the economic impact of the agreement, published in June 2018, indicated that the EU's GDP could rise by approximately 0.14 %, and EU exports to Japan by around €13 billion by the time the EPA is fully implemented in 2035. The agreement will provide for significant economic opportunities for sectors such as agri-food and textiles, and it is predicted that no EU sector will be impacted by noticeable losses. In addition to exploiting the untapped potential of bilateral trade and strengthening the EU's economic presence in the Asia-Pacific region, the EPA, together with the Strategic Partnership Agreement (SPA), will provide a platform for stronger relations between the EU and Japan. The agreement also conveys a strong message on the parties' commitment to promoting a free and fair trading system and to rejecting trade protectionism.
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- agreement on government procurement
- Asia and Oceania
- bilateral agreement
- BUSINESS AND COMPETITION
- business classification
- business organisation
- corporate governance
- data protection
- designation of origin
- economic conditions
- economic geography
- economic growth
- ECONOMICS
- EDUCATION AND COMMUNICATIONS
- European construction
- EUROPEAN UNION
- FINANCE
- financing and investment
- GEOGRAPHY
- information and information processing
- information technology and data processing
- international affairs
- INTERNATIONAL RELATIONS
- international trade
- investment protection
- Japan
- liberalisation of trade
- market access
- marketing
- small and medium-sized enterprises
- TRADE
- trade agreement (EU)
- trade policy