Japan, EU sign free trade agreement

Thursday, 19/07/2018 16:39
Japanese Prime Minister Shinzo Abe and European Union (EU) leaders on July 17th signed a free trade agreement.

(Photo: AFP/VNA)

The signing ceremony at the residence of Japanese Prime Minister in Tokyo was attended by Japanese PM Shinzo Abe, European Council President Donald Tusk and European Commission President Jean-Claude Juncker.

Japanese PM said the deal "shows the world the unshaken political will of Japan and the EU to lead the world as the champions of free trade at a time when protectionism has spread."

According to the European Commission, the EU-Japan "Economic Partnership Agreement" (EPA) is the largest trade deal ever negotiated by the EU, and will create a trade zone covering 600 million people and nearly a third of global GDP.

Under this document, Japan will lift the customs duties for 94 percent of the goods it imports from the EU. And the EU member countries, for their part, will eliminate the customs tariffs for 99 percent of the products they import from Japan.

The agreement will eventually reduce heavy Japanese tariffs on European wine, cheese and other foods, and lift EU tariffs on Japanese cars and vehicle parts. It must be approved by the European and Japanese parliaments before it can become law./.

Compiled by BTA

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