Current Trade Agreements with Japan

As the world`s third-largest economy, Japan has significant trade agreements with several countries around the world. From Asia to the Americas, various trade agreements have been signed with Japan in recent years, allowing for increased trade and economic growth.

One of the most significant trade agreements signed by Japan is the Trans-Pacific Partnership (TPP), which involves 11 other countries, including Australia, Canada, and the United States. The TPP promotes trade liberalization and aims to eliminate tariffs and other trade barriers. Since its signing in 2018, the TPP has created a single market among its member countries, accounting for around 13% of the world`s GDP.

Another trade agreement that Japan has signed recently is the Economic Partnership Agreement (EPA) with the European Union (EU). The EPA eliminates tariffs on over 90% of the traded goods between the two economies. This agreement has led to the creation of a single market of around 600 million people, as well as the reduction of non-tariff barriers like regulatory hurdles.

Japan has also signed a bilateral trade agreement with the United States in 2018, known as the United States-Japan Trade Agreement. This agreement mainly involves the agricultural and automobile sectors. Under the agreement, Japan will reduce tariffs on U.S. beef, pork, and agricultural goods. In return, the United States will reduce or eliminate tariffs on automobiles and auto parts imported from Japan.

Furthermore, Japan has signed other bilateral trade agreements with various countries, such as Indonesia, Malaysia, and Vietnam. These agreements aim to promote economic cooperation and increase trade volumes between the two countries.

In conclusion, Japan has entered into several trade agreements in recent years, which have created significant opportunities for economic growth and increased trade with its partner countries. With ongoing negotiations and agreements, Japan remains a key player in the global economy.