The agreement came into force on Friday, February 1, 2019. On 17 July 2018, the European Union and Japan signed an Economic Partnership Agreement (EPA), the largest trade agreement ever negotiated by the EU, which will create an open trade area of more than 600 million people. The EPA BETWEEN the EU and Japan should boost trade in goods and services and create many opportunities for EU SMEs: tariffs on more than 90% of Japan`s imports from the EU will be abolished as soon as the EPA comes into force. This will cover a wide range of sectors: agriculture and food, manufactured goods (including textiles, clothing, etc.), as well as forestry and fishing. In addition, non-tariff barriers to motor vehicles, medical devices and “quasi-drug” sectors are expected to be significantly reduced. Finally, the agreement will facilitate the export of services to the Japanese market and will affect a considerable number of sectors, from telecommunications to postal services to the financial sector. Taxation and Customs:ec.europa.eu/taxation_customs/business/international-affairs/international-customs-cooperation-mutual-administrative-assistance-agreements/japan_en THE EU`s trade relations with ACP countries are governed by the Cotonou Partnership Agreement signed in 2000 between the EU, its Member States and the ACP countries. As this political, economic and global development partnership expires in 2020, the parties are currently negotiating a successor agreement (the “post-Cotonou”). Negotiations on economic partnership agreements can take years to conclude. The agreements address a detailed set of issues that all need to be balanced in order to bring benefits to all parties. An agreement may be less difficult to reach between nations with a strong history of trade and cooperation, as was the case with the economic partnership agreements signed in 2007 by the European Union and the Asia-Caribbean and Pacific group. In order to raise public awareness of the opportunities offered by this agreement and to help EU SMEs use them, the EU-Japan Centre has set up a CEPOL assistance service to help and help EU SMEs find relevant information. Opponents of economic partnership agreements argue that agreements can benefit more developed countries than their less developed partners.
Stronger economies may be more likely to exploit their weaker partners, leading to unequal benefits. In the view odi.org, economic partnership agreements must provide for reciprocity in order to be taken into account under World Trade Organization rules. This means that any action taken in favour of a given economy must be replicated by that economy, which in theory brings equal benefits for each country. Through the agreement:ec.europa.eu/trade/policy/in-focus/eu-japan-economic-partnership-agreement/The agreements offer a framework for cooperation and not competition between geographically distant economies. An agreement between a stronger economy and a weaker economy should stimulate the economic development of the weaker nation, while bringing real benefits to the strongest. They aim to maintain peace between nations in different parts of the world and to improve the standard of living of families in less developed countries. The EPAs will therefore take specific steps for this specific group. Unlike other ACP countries, the smaller group is invited to reject EPAs and continue trade relations under the “Everything but Arms” (EBA) regulation.