The Japan-EU Economic Partnership Agreement: What You Need to Know

The Japan-EU Economic Partnership Agreement (JEEPA) is a trade deal that was signed in 2018 between Japan and the European Union. This agreement is one of the largest trade deals in the world, covering a population of more than 600 million people. The JEEPA aims to eliminate tariffs and reduce barriers to trade between Japan and the EU.

What Does the JEEPA Cover?

The JEEPA covers a wide range of areas, including trade in goods, services, and investment, as well as intellectual property rights, government procurement, and sustainable development. One of the key aspects of the JEEPA is the elimination of tariffs on a wide range of products, including Japanese automobiles and European wines and cheese.

The JEEPA also includes provisions for the protection of intellectual property rights, including patents, trademarks, and copyrights. This is particularly important for industries such as pharmaceuticals, where companies invest heavily in research and development.

In addition, the JEEPA includes provisions for the liberalization of trade in services, including financial services, transportation, and telecommunications. This is expected to benefit both Japanese and European companies, as they will now have greater access to each other`s markets.

Why is the JEEPA Important?

The JEEPA is important for a number of reasons. First and foremost, it is expected to provide a significant boost to trade between Japan and the EU. The elimination of tariffs on a wide range of products and the liberalization of trade in services is expected to increase trade flows and lower prices for consumers.

In addition, the JEEPA is also seen as a response to the growing trend of protectionism in other parts of the world. By strengthening their economic ties, Japan and the EU are sending a clear message that they believe in the benefits of free trade.

Finally, the JEEPA is also expected to have geopolitical implications. With the United States increasingly turning towards protectionism, the JEEPA could help to strengthen the ties between Japan and the EU, and provide an alternative to the US as a partner for both regions.

Conclusion

The Japan-EU Economic Partnership Agreement is an important trade deal that is expected to provide a boost to trade between Japan and the EU. By eliminating tariffs and reducing barriers to trade, the JEEPA will help to lower prices for consumers and increase trade flows. It is also an important response to the trend of protectionism, and could have geopolitical implications. As the JEEPA begins to take effect, it will be interesting to see how it impacts trade and economic relations between Japan and the EU.