The free trade agreement between Japan and the European Union (EU) is one of the most significant trade deals in recent times. The agreement, which was signed in July 2018, is aimed at reducing trade barriers and strengthening economic ties between the two regions.

This trade deal is expected to have a significant impact on the global economy. According to the European Commission, it is set to create the world`s largest open economic area, accounting for around 30% of the world`s GDP. This is great news for businesses both in Japan and the EU, as it will make it easier for them to trade and do business with each other.

One of the main benefits of the free trade agreement is that it will lead to the elimination of most tariffs on goods traded between the two regions. This will reduce the cost of importing and exporting goods and make it easier for businesses to access new markets. This will provide an opportunity for businesses in both regions to expand their operations and increase their profits.

Another benefit of the free trade agreement is that it will make it easier for businesses to invest in each other`s markets. This will lead to increased cross-border investment, helping to create new jobs and economic growth in both regions.

The free trade agreement is also expected to benefit consumers. By reducing trade barriers, the agreement will lead to lower prices for imported goods and services. This will provide consumers with greater choice and increase their purchasing power.

In conclusion, the free trade agreement between Japan and the European Union is a significant development in global trade. It will create a huge open economic area, reduce trade barriers, increase cross-border investment, and benefit consumers. Businesses in both regions should take advantage of this opportunity to expand their operations and increase their profits.