The Inter-University Exchange Project began in 2011 as an initiative under the Ministry of Education, Culture, Sports, Science and Technology (MEXT) to support strategic international educational partnerships with universities in countries and regions that host Japanese students as well as Japanese institutions that host international students in order to assure quality in higher education. It aims to foster global personnel capable of playing roles on the international stage and to enhance higher education's capacities for global expansion. (Translated from excerpts of the JSPS website.)
The IUEP EU-Japan operates within this context as a way to encourage cooperation and student exchange programs between European and Japanese Universities. The project allows Japan and the EU to work together to contribute to fostering global experts through collaborative degree programs (including double degree programs and joint degree programs).