Once again, I am honored to be able to address the distinguished readers of The Japan Times on the occasion of Europe Day. May 9, 1950, was a historic day for Europe, when then-French Foreign Minister Robert Schuman set out a vision that has for more than six decades released the continent from the constant fear of war and ushered in a period of prosperity that would have been unimaginable just a few generations ago.
This year, I am particularly happy and proud to be able to report a significant development in the ever-deepening relations between the European Union and Japan. Just last month, the European Commission signed off on the EU-Japan economic partnership agreement (EPA) and proposed to the EU Council that it be approved. Negotiations between the two sides were concluded in December. We are aiming for its enactment before the end of the current mandate of the European Commission next year.
Japan is the EU's second-largest trading partner in Asia after China, and this EPA is the biggest bilateral trade deal the EU has ever negotiated, opening huge market opportunities for both sides. Together, we will create a free trade zone covering 600 million people and one-third of global gross domestic product. Furthermore, it is also the EU's first trade deal to explicitly commit to the Paris agreement on climate change.