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Less than two months before the fulfilment of Brexit and during a wave of global protectionism, one of the biggest trade deals in history, taking place between the European Union and Japan, will enter into practice. While contradicting Brexiters’ claims that the EU was preventing their country from achieving advantageous trade agreements, the United Kingdom is left out of it, creating space for a rearrangement of world politics and future economic growth.
A Much Needed Sight of Partnership
From an economic perspective, free trade agreements have proved to be beneficial for participating countries, in overall terms. They boost growth, consequently resulting in the creation of new job opportunities, raise purchasing power and force industries to be more competitive and innovative. The EU-Japan Economic Partnership Agreement (EPA) will be no exception. However, its importance for the EU goes beyond its economic impact.