On July 6th, 2018, the European Union and Japan signed one of the world`s largest free trade agreements, known as the Economic Partnership Agreement (EPA). This agreement aims to remove nearly all tariffs and create an open market between the two regions, making it easier for businesses to trade goods and services and increase investment opportunities.
This agreement also includes a section on environmental protection, stating that both parties will uphold their commitments to international agreements and standards. This includes the Paris Agreement on climate change, the Convention on International Trade in Endangered Species of Wild Fauna and Flora, and the Montreal Protocol on Substances that Deplete the Ozone Layer.
The EPA also includes a cooperation initiative on environmental protection, which aims to promote sustainable development and the conservation and protection of natural resources. This includes areas such as combating illegal logging and promoting sustainable forest management, as well as promoting the use of environmentally friendly technologies and products.
The EPA is expected to have a positive effect on the economies of both regions, with the elimination of tariffs expected to reduce the cost of goods and services, promote trade and investment, and create new business opportunities. It is also expected to contribute to the growth of small and medium-sized enterprises.
In terms of the impact on the environment, the EPA is expected to promote more sustainable trade and investment practices between the EU and Japan. This will be achieved through increased cooperation and the promotion of environmentally friendly technologies and products.
In conclusion, the EPA signed by the EU and Japan is not only a significant free trade agreement, but it also includes important provisions on environmental protection. By upholding their commitments to international agreements and standards and promoting sustainable development, the EU and Japan are taking important steps towards a more sustainable and environmentally friendly future.