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Considers the prospects of stronger Japanese-EU bilateral & multilateral trade liberalization. Analysis of the latter raises several questions regarding Japan's view of international free trade & its norms & values, which indicate that Japan is a relatively closed society. Whether Japan is willing to sacrifice the basic tenets of its economic system is considered. In this light, it is concluded that further Japanese-EU cooperation does not bode well for multilateral trade liberalization, which stands counter to Japan's deep-rooted societal values & priorities. As for bilateral trade relations, the picture is somewhat brighter as evidenced by some progress made in regulatory reform, market access, & the climate for foreign investment. J. Zendejas