Eu Japan Trade Agreement

December 30, 2022 0 Comments

The EU and Japan have struck a trade agreement that is set to bring significant benefits to both sides. The accord, which came into force in February 2019, has been hailed as a landmark deal that will create one of the world`s largest free trade areas.

The agreement will eliminate or reduce tariffs on a wide range of goods traded between Japan and the EU, including cars, electronics, and agricultural products. This will give businesses in both regions greater access to each other`s markets, making it easier and cheaper to trade.

For European exporters, the deal will mean increased access to Japan`s lucrative market, which is home to some of the world`s wealthiest consumers. Japan, in turn, will benefit from greater access to Europe`s large market, which is home to over 500 million consumers.

The agreement is also expected to have a positive impact on the wider global economy. By creating a free trade area that covers almost one-third of the world`s GDP, the EU and Japan are setting an example for other countries to follow. This could lead to the creation of further free trade agreements, boosting global trade and economic growth.

Another key feature of the agreement is its focus on promoting sustainable development. The EU and Japan have both committed to upholding high environmental and labor standards, and to promoting sustainable development through trade. This includes protecting biodiversity, tackling climate change, and promoting sustainable forestry.

The EU-Japan trade agreement has been welcomed by businesses and politicians on both sides, who see it as a major step forward in strengthening economic ties between the two regions. It is also a sign of the EU`s commitment to free trade, at a time when protectionist sentiment is on the rise in some parts of the world.

In conclusion, the EU-Japan trade agreement is a significant achievement that will bring many benefits to both sides. By creating a free trade area that covers almost one-third of the world`s GDP, the agreement has the potential to boost global trade and economic growth, while its focus on sustainable development is a welcome step towards a more environmentally and socially responsible global economy.