Paper Summary:

This paper examines the modern economic allegiance of Japan and Europe and how it has opened up new challenges and opportunities. The writer describes some of the forums, organization and documents put together to ensure mutual understanding between the two emerging economic superpowers. The governments of Japan and Europe have made a host of diplomatic efforts to enhance trade, bolster investment and maintain a fruitful dialogue. For the most part, these efforts have served the financial interests of both sides; however, many significant barriers still inhibit the status of Japan and the European Commission (now the European Union) as one of the world's most effective partnerships. The paper concludes that although Japanese and EU relations have faced multiple setbacks over the past several decades, the desire to address and attend to them has been its defining characteristic.

From the Paper:

"Shortly following the fall of the Berlin wall, as the tumultuous decade of the 1980's was coming to an abrupt end, Japanese Prime Minister Kaifu visited Europe to meet with President Delors of the European Commission. The objective was simple: determine Japan's potential financial role in the development of the Central and Eastern European economies. The meeting resulted in, through the impetus of the G24, Japan's commitment of 15 percent of the net value of the European Bank for Reconstruction and Development (EBRD) fund. As an additional sign of goodwill, Japan committed a USD$ 2 billion stimulus package to Poland and Hungary. Such generosity represented a drastic departure from previous governmental policy which had favoured a 'hands-off' approach in regards to European development."

Sample of Sources Used:

• Akimune, Ichiro, (1997). Overview: Japan's direct investment in the EU, Aldershot: Avebury.
• Bourke, Thomas (1996). Japan and the Globalization of European Integration. Oxford University Press.
• Drifte, Reinhard (1986) Japan's Foreign Policy in the 1990s: From Economic Superpower to What Power?. London: Macmillan.
• El-Agra, Ali M. (1998) Japan's Trade Frictions, London: Macmillan.
• Flath, Jared (2002). The Japanese Economy, Oxford University Press.

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