Canada-Japan Economic Partnership Agreement (Cjepa)

4 Dec

Trade and economic relations between Canada and Japan have continued to develop. With a gross domestic product of nearly 5.1 trillion (2013), Japan is the world`s third largest economy and one of Canada`s major economic and trade partners. Trade and investment with Japan, Canada`s Pacific partner, is essential to improving employment and economic opportunities for people in both countries. In 2017, Japanese direct investment in Canada amounted to $29.6 billion and came from some 450 Japanese subsidiaries and subsidiaries. Canada`s investment in Japan totalled $4.7 billion this year and came from more than 100 Japanese-based Canadian companies in the automotive, information and communications technology, financial services and forestry sectors. CAFTA supports efforts to further develop economic relations with Japan and sees a significant opportunity to further develop trade. Japan currently imposes high tariffs on many agricultural and food products and imposes non-tariff barriers in a number of sectors. Non-tariff barriers are likely to significantly impede the flow of goods and significantly increase the costs of importing products into a country. In 2012, Canada and Japan announced negotiations for a Comprehensive and High-Level Economic Partnership Agreement (EPA).

The agreement, known as the Canada-Japan Economic Partnership, aims to reduce and, in some cases, remove non-tariff and tariff barriers that limit trade between the two countries. Canada is advocating new opportunities for deeper trade and economic cooperation with Japan. During Prime Minister Harper`s visit to Japan in March 2012, he and then Prime Minister Noda announced the opening of comprehensive and high-level negotiations for an Economic Partnership Agreement (EPA) or free trade negotiations. This historic announcement was made following the release on March 7, 2012, of the “Joint Study Report on the Possibility of an Economic Partnership Agreement between Canada and Japan.” This announcement was made following the release of a joint study by Canada and Japan on March 7, 2012, which examined the feasibility of a free trade agreement and outlined a wide range of issues that could be negotiated, including trade in goods, services, investment and trade facilitation (see report of the joint study on the possibility of a Canada-Japan economic partnership agreement). The joint study examines each country`s approach to these different issues and areas where commonalities are discussed. The study also summarizes the considerable economic benefits that an EPA must have with Japan. The study reports a potential increase in gross domestic product of about $4 billion for Canada and Japan as a result of free trade. According to the results of the study, Canada-Japan trade relations still have a lot of untapped potential. Canadian public opinion now recognizes the importance of young Canadians studying abroad in central countries such as Japan. The 2016 NOP results show that nearly 70 per cent of Canadians believe their province and Asia should increase the number of student exchanges and university agreements.

APF Canada has already tried to do so by cooperating with the Japanese government to provide its Kakehashi project, which selects a number of Canadian and Japanese students for cultural and academic exchanges aimed at building mutual trust and understanding between the citizens of Canada and Japan.

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