EU and Japan reaffirm close cooperation on trade and economic security

EU Commissioner for Trade and Economic Security Maros Šefčovič travelled to Japan for a series of meetings aimed at further strengthening the deep-rooted and long-standing EU-Japan trade and economic relationship. The cornerstone of the visit was the 6^th High-Level Economic Dialogue (HLED) with Takeshi Iwaya, Japanese Minister of Foreign Affairs, and Yoji Muto, Japanese Minister for Economy, Trade and Industry.

In light of the evolving global trade and security landscape, the two sides recognised the growing intersection between security, economy and technology. They also shared their respective concerns on such challenges as non-market policies and practices, as well as the closely linked issue of overcapacity. Here, they concurred that enhanced cooperation among allies and like-minded countries, including at the G7, is essential for addressing joint challenges as well as promoting an international order grounded in shared values and rules. 

In addition, the commissioner had several bilateral meetings, including with Economic Security Minister Minoru Kiuchi, and other Japanese political as well as business representatives. During these exchanges, a particular focus was on EU-Japan cooperation on economic security, including supply chain resilience and the growing strategic importance of critical technologies.

On the occasion of Europe Day, Commissioner Šefčovič will visit Expo 2025 in Osaka. This will be an opportunity for the commissioner to appreciate Japan’s outstanding success in organising an event bringing together more than 150 regions, countries and international bodies, and to underscore how the Expo’s main theme – weaving sustainability, inclusion and innovation into daily life – is of key importance today. 

The visit further underscored the strong trade relationships between the EU and Japan. Since entering into force in February 2019, the EU-Japan Economic Partnership Agreement (EPA) has significantly boosted bilateral trade and investment relations and has strengthened cooperation across a wide range of sectors. More than just an economic instrument, the EPA reflects the shared values and commitment of two likeminded partners to the international rules-based order.

Looking forward to building on and advancing EU-Japan trade and investment relations, both sides reaffirmed their commitment to further strengthening their cooperation, including via the HLED and joint efforts on economic security. 

Background

Japan is the EU’s seventh-largest trading partner for exports and imports of goods, totalling €130.6 billion in bilateral trade in goods. The EU ranks as Japan’s third-largest trading partner, following China and the United States. Bilateral trade in goods with Japan is highly concentrated in the industrial sector, which represented 93% of the bilateral goods trade in 2023. 

For more information 

EU-Japan trade relations