Japan Eu Trade Agreement 2019
The Japan-EU Trade Agreement 2019: A Comprehensive Overview
The Japan-EU Trade Agreement 2019, also known as the Japan-EU Economic Partnership Agreement (EPA), is a landmark trade agreement that was signed between the European Union and Japan on July 17, 2018. The agreement, which came into effect on February 1, 2019, is the largest free trade agreement ever signed by the European Union and the first that Japan has signed with a major global economy.
The primary objective of the Japan-EU Trade Agreement 2019 is to promote economic growth and create new trade and investment opportunities between Japan and the European Union. The agreement covers a wide range of sectors, including agriculture, industry, and services. It also includes provisions for the protection of intellectual property, labor rights, and the environment.
One of the key benefits of the Japan-EU Trade Agreement 2019 is the elimination of tariffs on more than 90% of all goods traded between Japan and the European Union. This is expected to increase exports from both sides and boost economic growth. For example, Japanese automakers are expected to benefit significantly from the agreement, as they will no longer face tariffs on exports of cars to the European Union.
The Japan-EU Trade Agreement 2019 also includes provisions for the protection of geographical indications (GIs). GIs are signs used on products that have a specific geographical origin and possess qualities or a reputation that are due to that origin. For example, «Champagne» can only be used to describe sparkling wine that comes from the Champagne region of France. The agreement ensures that products with GIs are protected from imitations and that consumers can trust that they are genuine.
Another important aspect of the Japan-EU Trade Agreement 2019 is the inclusion of a chapter on sustainable development. This chapter commits both sides to implementing the Paris Agreement on climate change, protecting biodiversity, and promoting responsible business conduct. It also includes provisions for the protection of labor rights and the promotion of gender equality.
In conclusion, the Japan-EU Trade Agreement 2019 is a comprehensive trade agreement that is expected to significantly boost economic growth and create new trade and investment opportunities between Japan and the European Union. Its provisions for the elimination of tariffs, protection of GIs, and commitment to sustainable development make it an important step towards greater global cooperation and prosperity.
