Skip to main content

EU and Japan reach free trade deal


The European Union and Japan have formally agreed an outline free-trade deal.
The agreement paves the way for trading in goods without tariff barriers between two of the world's biggest economic areas.
However, few specific details are known and a full, workable agreement may take some time.
Two of the most important sectors are Japanese cars and, for Europe, EU farming goods into Japan.
Analysis: Damian Grammaticas, BBC News
The EU and Japan have done two deals for the price of one: a trade deal and a complementary "Strategic Partnership". One will create a major free-trading economic bloc, the second will see them co-operate in other areas like combating climate change.
Both are "in principle" deals, some details to be agreed, so there could still be hurdles. But the signal this sends, bringing two of the world's biggest economic powers together, is unmistakeable.
EU-Japan negotiations began in 2012 then stalled. It was Donald Trump's election, and the inward turn America is taking, that spurred the EU and Japan to overcome their differences. Both want to show domestic audiences they can deliver signature deals that promise new economic opportunities.
They also want to send a clear message internationally that the EU and Japan, highly-developed democracies, remain committed to a liberal, free-trading, rules-based world, and they will seek to shape it even if the US won't.
The outline plan was signed in Brussels after a meeting between the Japanese Prime Minister, Shinzo Abe, and the European Commission president, Jean-Claude Juncker, on the eve of a meeting of the G20 group of leading economies in Hamburg.
It comes hard on the heels of the collapse of a long-awaited trade agreement between Japan, the US and other Pacific ring countries, the Trans-Pacific Partnership (TPP), which was scrapped in January by US President Donald Trump.

'Countering' Brexit

The president of the European Council, Donald Tusk, said the agreement showed the EU's commitment to world trade: "We did it. We concluded EU-Japan political and trade talks. EU is more and more engaged globally."
Mr Tusk also said the deal countered the argument put forward by some of those in favour of Brexit that the EU was unable to promote free trade: "Although some are saying that the time of isolationism and disintegration is coming again, we are demonstrating that this is not the case."
He added that the deal was not just about common trade interests, but reflected "the shared values that underpin our societies, by which I mean liberal democracy, human rights and the rule of law".
Japan is the world's third-largest economy, with a population of about 127 million.
As it stands, the country is Europe's seventh biggest export market.
One of the most important trade categories for the EU is dairy goods.
Japan's appetite for milk and milk-based products has been growing steadily in recent years.
The EU's dairy farmers are struggling with falling demand in its home nations and an ultra-competitive buying climate, which farmers say means they are paid less than the cost of production.
Even once the agreement is fully signed, the deal is likely to have in place long transition clauses of up to 15 years to allow sectors in both countries time to adjust to the new outside competition.

Comments

Post a Comment

Popular posts from this blog

HERE COME THE GIRLS Love Island girls Jess Shears, Olivia Attwood and Chloe Crowhurst strip off to reveal incredible bikini bodies as they prepare to meet the boys for hot summer of fun

THE Love Island girls look set to send temperatures soaring even further, as they strip off to reveal their incredible bikini bodies. The reality newcomers have been giving the lucky Love Island boys a taste of what they can expect in the new series. Jess Shears, Olivia Attwood and Chloe Crowhurst, along with Montana  Brown, Camilla Thurlow and Amber Davies reveal their sexy curves as they pose for their first snaps as official Love Island 2017 contestants. Olivia  says well as looking for love, she’s taking part on the ITV2 show “For the experience”. Elsewhere,  Jessica is a curvy glamour model from Devon , who is looking for a genuine connection on this series of the reality show. Meanwhile,   Amber is a dancer  who has worked as an entertainer as part of London’s circus themed club night Cirque Le Soir.   Essex girl Chloe showed off her curves in this sexy red bikini Chloe is an executive assistant hailing from E...
Post a Comment
Read more

Seawater is the secret to long-lasting Roman concrete

Roman piers and other harbour structures built using an ancient cement mix have lasted for millennia. Ancient Romans built concrete sea walls that have withstood pounding ocean waves for more than 2,000 years. Now, an international team has discovered a clue to the concrete’s longevity: a rare mineral forms during chemical reactions between the concrete and seawater that strengthen the material. Structural engineers might be able to use these insights to make stronger,  more-sustainable concrete , says team leader Marie Jackson, a geologist at the University of Utah in Salt Lake City. She and her colleagues report their findings on 3 July in  American Mineralogist 1 . In earlier work, Jackson and colleagues reported some of the unusual chemistry of Roman concrete, such as the presence of a rare mineral known as aluminium tobermorite 2 . For the new study, the scientists took samples of Roman harbour concrete to the Advanced Light Source, an X-ray synchrotron ...
Post a Comment
Read more

5 Dating Tips for Straight Girls From a Gay Guy

Hey girls, let’s talk. For over a decade, I’ve had the privilege of playing the role of gay best friend to many intelligent, funny and gorgeous women throughout my career as a practicing homosexual. Gay guys and straight gals have a special bond due to our common interests (e.g. men) and our lack of desire to sleep with one another. On the flip side, gays have a unique relationship with our straight male buddies because we are not in competition with them for you. As a result, straight guys often gab with us about the stuff girls do that cost them a call back. This article may be in violation of bro code, but I’m going to share some intel anyway. Consider yourself warned: gross generalizations will be made. Shut The F**k Up Sometimes Women talk a lot more than men. Science backs it up. According to a University of Maryland  study , women utter more words per day—about 20,000 to men’s 7,000. Listen, it’s not your fault you developed language and reading skills ...
Post a Comment
Read more