After more than 4 years of negotiations, Japan and the EU have reached an agreement for bilateral free trade. The intended liberalization of trade in goods, agriculture, and services would create the world’s largest free trade area. Japan and Europe are sending a strong signal against protectionism and in favor of free trade and modernizing global trade rules. While free trade in the transatlantic and the transpacific context will remain an illusion for some time to come, the Japan-EU Economic Partnership Agreement (JEEPA) is a realistic option for trade partners at the western and eastern side of the Eurasian continent. The expected overall positive effects of JEEPA should not obscure the limitations and risks of the intended trade integration. There will be economic losers of the agreement both in Europe and in Japan. There is plenty of fuel for political and social conflict. And in light of the many informal barriers, market access to Japan will remain extremely difficult for European companies. Beyond trade policy, JEEPA has a political dimension, too. It shows the political will to counteract economic disintegration and the loss of political substance in the bilateral relationship. The aim is to intensify cooperation, which would benefit both sides economically and politically.

中文翻译：

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日本-欧盟经济伙伴协议——经济潜力和政策前景

经过4年多的谈判，日本和欧盟达成了双边自由贸易协定。货物、农业和服务贸易的预期自由化将创建世界上最大的自由贸易区。日本和欧洲正在发出反对保护主义、支持自由贸易和全球贸易规则现代化的强烈信号。虽然跨大西洋和跨太平洋的自由贸易在未来一段时间内仍将是一种幻想，但日本-欧盟经济伙伴关系协定（JEEPA）对于欧亚大陆西部和东部的贸易伙伴来说是一个现实的选择。JEEPA 预期的整体积极影响不应掩盖预期贸易一体化的局限性和风险。该协议在欧洲和日本都会有经济损失。有很多助长政治和社会冲突的因素。鉴于存在许多非正式壁垒，欧洲公司进入日本的市场准入仍然极为困难。除了贸易政策，JEEPA 也有政治层面。它显示了对抗双边关系中经济解体和政治实质丧失的政治意愿。目的是加强合作，这将在经济和政治上使双方受益。