Economic Partnership Agreement Vs Fta

There is no doubt that the agreement is one of the most modern and comprehensive recently entered into force. Its text consists of 23 chapters and a long list of annexes. Felbermayr et al. (2019) argue that the EU-Japan EPA is a means of textual, contextual and substantive similarities with the EU-Korea Free Trade Agreement that entered into force in 2011; This view is also taken by Chowdhry et al. (2018) and Dreyer (2018). This means that the agreement is relatively standard in many of its provisions, but also offers the possibility to foresee its potential impact, given that the EU-Korea agreement has been the subject of an in-depth study. Proponents of the Economic Partnership Agreements argue that in the long run, the agreement will benefit all parties equally. By removing barriers to trade and passenger transport, each economy in the agreement can seize market opportunities in the others. In addition to economic ties, economic partnerships can strengthen political ties and provide strong allies in times of political upheaval or military action.

Despite the positive symbolism of the new agreement and its very real economic benefits, one might wonder how desirable the EPA parties are to maintain the liberal international order. As far as the EU is concerned, we can see the difference between official communication and actual trade policy measures. Only recently have a number of initiatives made it more difficult for Asian exporters, including Japan, to serve the EU market. .

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