Economic Partnership Agreement between the European Union and Japan

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The economic partnership agreement (EPA) between the European Union (EU) and Japan is a landmark trade deal that has the potential to significantly boost economic growth, create jobs and increase investment opportunities for businesses on both sides.

The agreement, which was signed in July 2018, creates the world`s largest open economic area, covering a population of 600 million people and nearly 30 percent of global economic output. In essence, the deal eliminates nearly all tariffs on goods traded between the EU and Japan, opening up new opportunities for businesses to trade, invest and access each other`s markets.

For the EU, the EPA is a significant opportunity to expand its trade and investment relationship with Japan, which is the world`s third-largest economy. The deal will create new opportunities for businesses in sectors such as agriculture, food and drink, pharmaceuticals, and machinery.

On the other hand, Japan will also benefit from the deal by gaining better access to the EU market, which is the world`s largest single market. The agreement opens up new opportunities for Japanese businesses in sectors such as automotive, electronics and chemicals.

While the EPA is primarily focused on reducing tariffs between the two trading blocs, it also includes provisions on non-tariff barriers, intellectual property rights, and sustainable development. The deal ensures that both sides meet high environmental and labor standards and that they maintain a level playing field for businesses. This means that businesses can compete fairly and are not hindered by non-tariff barriers or unfair practices.

One crucial aspect of the deal is the digital provisions. The EPA includes provisions for data protection, e-commerce, and cross-border data flows, ensuring that both sides can benefit from the latest digital technologies and innovation.

In conclusion, the economic partnership agreement between the EU and Japan is an exciting development for businesses on both sides. The deal opens up significant opportunities for investors, exporters, and entrepreneurs in various sectors, boosting economic growth and job creation. With the agreement now in place, businesses from both markets can look forward to expanding their operations, diversifying their supply chains, and making the most of the opportunities this new trade arrangement presents.

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