The EU-Japan Mixed Agreement: What You Need to Know
The European Union (EU) and Japan have recently signed the EU-Japan Mixed Agreement, which is one of the most significant trade agreements in recent years. The agreement aims to create an environment of free and fair trade between the two economies, while also promoting sustainable development and supporting the fight against climate change.
What Is the EU-Japan Mixed Agreement?
The EU-Japan Mixed Agreement is a bilateral trade agreement between the EU and Japan, signed on July 17, 2018. The agreement covers various areas of trade, including goods, services, investment, intellectual property rights, and public procurement.
The agreement is called a “mixed” agreement because it covers both EU-level and member state-level competences. This means that certain provisions in the agreement will require ratification by the EU and its member states before they can be implemented.
What Does the EU-Japan Mixed Agreement Mean for Trade?
The EU-Japan Mixed Agreement aims to eliminate tariffs and other trade barriers between the two economies, which will make it easier for businesses from both sides to trade with each other. This is expected to lead to an increase in trade between the EU and Japan, which is already worth around €129 billion.
The agreement will also provide better protection for EU businesses in Japan, particularly with regards to intellectual property rights. Japanese companies will also benefit from greater access to EU markets, particularly in the areas of agriculture and food.
What Are the Benefits of the EU-Japan Mixed Agreement?
The EU-Japan Mixed Agreement has a number of benefits, including:
1. Increased trade: The agreement is expected to increase trade between the EU and Japan, which will lead to economic growth and job creation in both economies.
2. Better market access: The agreement will provide EU businesses with better access to the Japanese market, which is the world`s third-largest economy.
3. Improved intellectual property protection: The agreement will provide better protection for EU businesses` intellectual property rights in Japan, which will encourage investment and innovation.
4. Sustainable development: The EU-Japan Mixed Agreement includes provisions on sustainable development, which will promote environmental and social responsibility in trade between the two economies.
5. Stronger cooperation: The agreement will strengthen the EU`s and Japan`s cooperation on a wide range of issues, including environmental protection, energy, and security.
What Are the Challenges of the EU-Japan Mixed Agreement?
While the EU-Japan Mixed Agreement has many benefits, it also faces some challenges. One of the main challenges is the ratification process, which requires approval from both the EU and its member states. This process can be lengthy and complex and may delay the implementation of the agreement.
Another challenge is the potential impact on certain sectors, such as agriculture. The agreement will eliminate tariffs on some agricultural products, which could lead to increased competition for EU farmers.
Overall, the EU-Japan Mixed Agreement represents an important step towards greater economic integration and cooperation between the EU and Japan. It is expected to bring many benefits to businesses and consumers in both economies and promote sustainable development.