In September 2009, a new Free Trade and Economic Partnership Agreement (FTEPA) between Switzerland und Japan entered into force. In this study, we analyze its degree of implementation and effects caused on three levels up to late 2010. On a macro level, we calculate the relative growth of trade flows in goods that have been liberalized by the FTEPA and in goods that have not been affected by the FTEPA using data from the Japanese Customs and Tariff Bureau. On a meso level, we investigate the degree of implementation on an industry level based on data from the Swiss Federal Customs Administration. And on a micro level, we examine the factors that influence the probability of companies to use the FTEPA by using data from an online survey and from telephone interviews. Although in the macro analysis significant relative growth effects can be identified only in the case of Swiss exports to Japan, the results of the meso und micro analysis show that, overall, the FTEPA has also a high utilization rate among exporters from Japan to Switzerland, which is growing over the time. However, individual industries show strongly differing utilization rates. Still, given the short time period of sixteen months since entry into force covered in this study, the new FTEPA can already be regarded as a success story.