Another Mega-Regional Trade Bloc under Construction? The Case of the European Union (EU) - Japan Free Trade Agreement (FTA)
AbstractThe aim of the paper is to study the implications of mega-regional trade agreement under construction, namely, the European Union – Japan Free Trade Agreement (FTA). According to the World Economic Forum, megaregional trade agreements are deep integration partnerships in the form of RTAs (regional trade agreements) between countries or regions with a major share of world trade and FDI (foreign direct investment) and in which two or more of the parties are in a paramount driver position, or serve as hubs, in global value chains. The EU – Japan FTA would embrace five of seven major advanced economies in the world (G7), namely, France, Germany, Great Britain, Italy and Japan, accounting for, when combining 29 prospective founding members, 28.36 percent of the global GDP and 34.72 percent of the global exports. Japan is the EU’s second largest trade partner from Asia, while the EU is the largest investor in Japan. Both for the European Union and Japan the proposed FTA is an opportunity to set multilateral rules of trade in the 21st century and challenge hegemonic ambitions of the United States and China at both regional and global stage. The paper addresses the concept of mega-regionalism in trade, delivers a comprehensive study of bilateral trade relations between the European Union and Japan, genesis of the proposed FTA and important stages in trade talks, as well as implications of the agreement.
|Journal series||Asia-Pacific Journal of EU studies, ISSN 1598-8902, (0 pkt)|
|Publication size in sheets||0.75|
|Keywords in English||The European Union, Japan, Free Trade Agreement, mega-regionalism|
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