JAEPA will promote liberalization and facilitation of trade in goods and services and increase investment opportunities between Japan and Australia, strengthening the bilateral partnership in economic activity. It will also strengthen cooperation in areas such as food supply, energy and mineral resources, the free movement of natural people, competition and consumer protection, intellectual property and public procurement. The entry into force of JAEPA is expected to significantly boost both economies and further strengthen relations between the two countries. JAEPA became the 15th Economic Partnership Agreement for Japan with Singapore, Mexico, Malaysia, Chile, Thailand, Indonesia, Brunei, ASEAN, the Philippines, Switzerland, Vietnam, India, Peru and Australia. Australia is Japan`s tenth largest export partner and third largest import partner (2019 Trade Statistics, Ministry of Finance). JAEPA should promote the liberalization and facilitation of trade and investment between the two countries and strengthen the two economies by strengthening mutual economic relations in many areas. In July 2014, the two leaders of Japan and Mongolia confirmed, on the basis of a series of negotiations since June 2012, the substantive agreement on a bilateral economic partnership agreement between Japan and Mongolia (JMEPA). JMEPA was signed by both countries in February 2015 and came into force in June 2016. (1) Trade in goods: commitments to abolish and reduce tariffs for mining and industrial products as well as agricultural products in bilateral trade.
(2) Customs regimes and trade facilitation: provisions to ensure transparency of customs procedures, proper application of customs legislation, rapid customs clearance framework and promotion of cooperation and exchange of information. (3) food supply, energy and mineral resources: an obligation to ensure the stability of food supply, energy and mineral resources and to limit exports of certain goods. (4) Services: obligations to grant national treatment, treat the most favoured nation and market access for other party service providers in areas other than those listed in the annex. Additional commitments have also been made on telecommunications and financial services. (5) Investments: national processing obligations and the nation`s most favoured treatment of investment activities by investors of the other party (including activities related to the investment authorisation phase), prohibition of performance requirements and implementation of an investor-state dispute settlement mechanism (ISDR). (6) Intellectual property: adequate, effective and non-discriminatory protection of intellectual property rights, promotion of efficiency and transparency in the implementation of the IP system and effective and effective application of intellectual property rights against infringement. (7) Promote closer economic relations: a subcommittee is set up to strengthen economic ties, in which representatives of the relevant agencies may be invited to consultations on the promotion of trade and investment.