Brussels, 7 October 2022 (TDI): The European Union (EU) and Japan have agreed to start negotiations on including rules on data flows in the Economic Partnership Agreement (EPA).
The formal discussions between the two sides will kick off on 24 October 2022 in Brussels.
About Digital Transition
The digital transition is a top priority for the European Commission and Japan in terms of their trade agreement. By incorporating modern digital trade rules into the agreement with Japan, the EU can shape the global rulebook, in the interests of values, consumers, and businesses.
Moreover, it is predicted that the cross-border data flow with Japan should benefit businesses on both sides. EU aims to ensure cross-border data flows by prohibiting unjustified data localization requirements.
In addition, this will also help in preserving the EU’s regulatory autonomy in the area of personal and non-personal data protection and cybersecurity.
The Economic Partnership Agreement (EPA) between both sides would assess the need for the inclusion of provisions on cross-border data flows within three years of the date of entry into force of this agreement.
Also read: First EU-UK trade and cooperation agreement meeting
EU-Japan Economic Partnership Agreement
The EU and Japan’s Economic Partnership Agreement entered into force on 1 February 2019. According to this partnership agreement EU firms export nearly €70bn in goods and €28bn in services to Japan every year.
In the past, European firms have faced trade barriers when exporting to Japan. The European Union signed a trade agreement with Japan to remove tariffs and other trade barriers and create a platform to cooperate to prevent obstacles to trade.
Moreover, this agreement helps shape global trade rules in line with high standards and shared values. Not only does this agreement improve the trade relations between the two economies but it also sends a powerful signal that two of the world’s biggest economies reject protectionism.
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