The Economic Partnership Agreement (EPA) between the European Union (EU) and Japan, commonly referred to as the EU-Japan EPA or the Japan-EU Free Trade Agreement (FTA), has been in force since February 1, 2019. As the agreement approaches its second year anniversary, talks are already underway for an updated version known as the EU-Japan EPA 2020, or EBA.

The new agreement aims to build on the successes of the original EPA, which has led to reductions in tariffs on a wide range of goods and services traded between the EU and Japan, increased investment, and strengthened economic ties between the two partners.

The EBA negotiations have been prompted by the need to address new challenges posed by the COVID-19 pandemic, climate change, and the rise of China as a global economic powerhouse. The updated agreement seeks to build on the existing provisions of the EPA and to deepen cooperation in areas such as digital trade, environment, labor, and sustainability.

One of the main objectives of the EBA is the elimination of non-tariff barriers to trade between the EU and Japan. This includes improving regulatory coherence, increasing transparency in trade-related measures, and enhancing cooperation on standards and conformity assessment procedures. The agreement also aims to promote sustainable development by integrating environmental and social considerations into trade and investment decisions.

In terms of digital trade, the EBA seeks to ensure the free flow of data between the EU and Japan, while protecting privacy and personal data. It also aims to promote the use of electronic signatures and other digital authentication methods to facilitate cross-border transactions.

The negotiations for the EBA are expected to be completed by early 2022, with both sides hoping to secure a comprehensive and ambitious agreement that will further strengthen their economic partnership and serve as a model for other trade agreements around the world.

Overall, the EBA is an important step towards a more integrated and sustainable global economy, with the EU and Japan leading the way in promoting free and fair trade that benefits all stakeholders.