Europe and Japan have taken a significant step towards strengthening their economic ties by signing a free trade agreement. The EU-Japan Economic Partnership Agreement (EPA) is one of the largest trade deals in the world, covering nearly 30% of global GDP. The agreement is expected to have a significant impact on the global economy and enhance free trade between two of the world`s most advanced economies. Let`s take a closer look at the EU-Japan EPA and what it entails.

The EU-Japan EPA was signed on July 17, 2018, after more than four years of negotiations. The EPA is a comprehensive trade agreement that eliminates tariffs and other trade barriers between the European Union and Japan. The deal covers a wide range of sectors, including agriculture, industrial products, energy, and services.

Under the agreement, Japan will eliminate tariffs on 97% of its goods imported from the EU, while the EU will eliminate tariffs on 99% of its goods imported from Japan. This means that European and Japanese businesses will benefit from new market opportunities and reduced costs for importing and exporting goods.

The EPA is also expected to have a significant impact on services trade. The agreement will provide EU service providers with greater access to Japan`s market, including financial services, transport, and telecommunications. Japan, in turn, will gain access to the EU`s service market, including professional services, distribution, and environmental services.

The agreement will also improve regulatory and intellectual property protections for both parties. It will promote greater cooperation between the EU and Japan in the areas of labor, environment, and consumer protection.

The EPA is a significant achievement for both the EU and Japan. The agreement is expected to boost economic growth and create new job opportunities in both regions. It will also increase the competitiveness of businesses, particularly small and medium-sized enterprises.

Furthermore, the EPA sends a clear message that both the EU and Japan are committed to free trade and open markets. In a world where protectionist policies are becoming increasingly prevalent, the EU-Japan EPA stands out as a bold move towards greater economic integration and cooperation.

In conclusion, the EU-Japan EPA is a landmark trade agreement that will have a significant impact on the global economy. The deal eliminates tariffs and other trade barriers between two of the world`s most advanced economies, creating new market opportunities, reducing costs, and promoting economic growth. The agreement also sends a strong message of commitment to free trade and open markets, while paving the way for greater cooperation between the EU and Japan in the years to come.