Abenomics and the EU–Japan economic partnership agreement: consequences for the EU and Polish economies

Abstract

Purpose – This paper focuses on Abenomics by showing the measures undertaken by Japan’s administration and by exploring to what extent new trade policy contributes to stimulating FTAs/EPAs. The goal of this paper is to evaluate the potential EU–Japan EPA effects from the perspective of the EU and Poland’s economies. Research background – In early 2013, Shinzō Abe announced a plan of economic reforms known as Abenomics, within which trade policy would be focused on regional FTAs/EPAs and strategic partnerships (SPAs) that then became a government priority. The Abe administration presented a “proactive contribution to peace”, which has had a crucial influence on Japan’s new trade policy and its engagement in economic regionalism. After six years of negotiations, the EU–Japan EPA and the Strategic Partnership Agreement (SPA) were signed on July 17, 2018. These agreements confirm that economic relations have entered a new, higher phase of development and open new prospects for deeper cooperation. Methods – Text analysis of governmental documents, institutional reports, companies’ websites, and articles in the specialized press. Originality / value / implications / recommendations – This assessment of the potential impact of the EU–Japan EPA reveals that the agreement will contribute to the mutual GDP growth and will promote trade in goods and services by eliminating tariffs and reducing non-tariff barriers between the parties. Furthermore, the EU–Japan EPA is important for the Polish economy. Liberalization of imports from Japan, which mainly include modern technologies as well as machinery and equipment for various sectors of the economy, will significantly contribute to accelerating the economic development of Poland. In turn, the liberalization of exports will be an opportunity to increase food exports from Poland.