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European Union and Japan sign historic trade deal
2018-07-17, 05:42 PM,
apan and the European Union signed a wide-ranging free trade deal that both sides hope will act as a counterweight to the protectionist forces unleashed by US President Donald Trump.

The ambitious trade pact, which creates the world's largest open economic area, comes amid fears that a trade war between the US and China will diminish the role of free trade in the global economic order.

"There are rising concerns about protectionism, but I want Japan and the EU to lead the world by bearing the flag of free trade," Prime Minister Shinzo Abe said at a news conference after the signing ceremony.

The US this month imposed 25% tariffs on $34 billion of Chinese goods to lower the US trade deficit, and China quickly retaliated with an increase in tariffs on US goods.

The Japan-EU trade deal is also a sign of shifting global ties as Mr Trump distances the US from long-time allies like the EU, NATO and Canada.

"We are sending a clear message that we stand against protectionism. The EU and Japan remain open for cooperation," European Council President Donald Tusk, who speaks for the 28 EU national leaders, told reporters.

The deal removes EU tariffs of 10% on Japanese cars and 3% on most car parts. It would also scrap Japanese duties of some 30% or more on EU cheese and 15% on wines, and secure access to large public tenders in Japan.

Europe's food sector is one of the biggest winners from the deal, which should allow it to capitalise on Japanese demand for high-quality cheese, chocolates, meats and pasta.

Japanese car and car parts makers are also expected to increase their sales to Europe, where they have lagged behind European rivals.

However, Japan's dairy industry is expected to lose market share to European products once tariffs of up to 40% on some cheese imports start falling.

Japan and the EU also agreed to establish a regular dialogue on trade and economic policy, with the first meeting to be held before year's end.

The likely winners and losers from the Japan-EU trade deal

The accord is expected to benefit Japanese carmakers Toyota, Nissan, Suzuki and Mazda by removing 10% tariffs on Japanese cars.

2018-07-17, 05:50 PM,
Gild this, some shiny light in the darkness of politics!
2018-07-17, 06:11 PM,
Just another sign that Trump is teaching the rest of the world that it can't rely on the United States.
2018-07-17, 06:25 PM,
best trade deal in the history of trade deals
2018-07-17, 06:42 PM,
Does this mean cheaper Electronics in the EU ;)
2018-07-17, 06:49 PM,
I might have to move over to the EU now.
2018-07-17, 07:19 PM,
Sweet, importing Japanese cars from actions just got cheaper!
2018-07-17, 07:23 PM,
Nice move. We need to let US sink with their shit protectionism . Next step is a free trade deal with China .

I hope people from USA are proud to vote for Trump and his MAGA
2018-07-17, 07:34 PM,
That's a good trading deal, good for the EU.
2019-02-06, 12:55 PM,
Very pleased to hear this news. Trustworthy partners should do businesses together. Shy away from cunning one with lots of dark trade tricks and wickedly greedy plots. Best wishes to you all. If EU and Japan get stronger, richer, more responsible, more trustworthy.... the world will be a much better place to live, more peace, more understanding of each others; less aggression, less arrogance, less arrogations, less bragging, less bullying and of course more peace of mind for peoples all over the world. Bravo

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