The EU-Japan Economic Partnership Agreement (EPA) is one of the largest trade deals ever negotiated by the European Union. Signed in 2018, the deal aims to create an open and supportive environment for businesses in both regions to thrive. With the EPA, the EU and Japan have pledged to remove barriers to trade in a range of sectors, including agriculture, automotive, and pharmaceuticals.

One of the key benefits of the EPA is the elimination of tariffs on many goods traded between the EU and Japan. Tariffs on 99% of goods traded between the two regions will be eliminated, providing a significant boost for businesses exporting to Japan. For instance, EU companies exporting cheese, wine, and processed foods to Japan will now benefit from the removal of tariffs. In turn, Japanese companies exporting to the EU will no longer have to pay tariffs on cars, electrical machinery, and pharmaceuticals, among others.

The EPA is also expected to make it easier for companies to do business in both regions by reducing non-tariff barriers. This includes measures such as streamlining customs procedures and simplifying regulations. It also includes the mutual recognition of certain standards and regulations, which will make it easier for businesses to sell their products in both regions without having to undergo costly and time-consuming testing and certification processes.

The EPA also includes provisions to protect intellectual property rights, such as patents and trademarks, which will benefit businesses in a range of sectors. For instance, pharmaceutical companies will be able to protect their patents and trademarks in Japan, while Japanese companies will be able to access the EU market for their innovative products and services.

The EPA is also expected to have positive impacts on the environment and social issues. The agreement includes a sustainability chapter, which commits both regions to upholding high environmental and labor standards. This includes measures to combat illegal fishing, reduce greenhouse gas emissions, and promote corporate social responsibility.

Overall, the EU-Japan Economic Partnership Agreement is a significant milestone in the relationship between two of the world`s largest economies. By removing barriers to trade and facilitating business cooperation, the EPA has the potential to bring significant economic benefits to businesses and consumers in both regions.