The Economic Partnership Agreement (EPA) between the European Union (EU) and Japan has been described as one of the most significant trade agreements ever signed by the EU. The EPA, which came into effect in February 2019, has brought about a new era of cooperation between the two economic giants.

The EPA is a comprehensive agreement covering a wide range of areas, including trade in goods, services, investment, intellectual property, and public procurement. It aims to further open up the markets of both the EU and Japan, enhance trade, and promote economic growth and job creation.

Under the agreement, the EU has eliminated tariffs on 99% of goods imported from Japan, with the remaining 1% to be phased out over the next few years. In return, Japan has lifted tariffs on 94% of imports from the EU, with the remaining tariffs to be removed over a longer period.

The EPA also includes provisions to protect intellectual property, open up public procurement markets, and promote sustainable development. It provides regulatory cooperation in a range of areas, including automotive safety, medical devices, and pharmaceuticals.

The EPA has been praised for its potential to increase trade and investment between the EU and Japan, as well as for its positive impact on consumers. By lowering tariffs and promoting competition, the agreement is expected to lead to lower prices for consumers and an increase in consumer choice.

The EPA also presents opportunities for businesses in both the EU and Japan. By reducing barriers to trade, the agreement creates new opportunities for companies to expand their businesses, increase exports, and create jobs. It also offers opportunities for small and medium-sized enterprises (SMEs) to access new markets and compete on a level playing field.

Overall, the EPA between the EU and Japan is a significant achievement for both parties. It represents a new era of cooperation and partnership, opening up new opportunities for trade, investment, and economic growth. As the agreement continues to be implemented, its benefits are expected to be felt across a range of sectors and industries, creating a brighter future for the EU and Japan.