Monday, January 25, 2021

Japan-EU Sign Massive Trade Deal to Counter US Threats

Japan and the European Union (EU) signed a free trade deal thus hitting out at Donald Trump’s unilateralism and protectionism. This wide-ranging free trade deal between Japan and the European Union was signed at a ceremony in Tokyo.

The President of the European Council, Donald Tusk and the President of the European Union, Jean Claude Juncker were both present in Tokyo and signed the deal with Japan’s Prime Minister Shinzo Abe.

The deal comes in the wake of trade wars picked up by the US against China and the European Union. The trade war was being seen a big danger looming on free trade given the protectionist mood of the US and Donald Trump’s unilateralism. This pact signed between Japan and EU shall create the world’s largest open economic area amid the US drama. This deal is meant to safeguard the diminishing role of free trade in the global economic scenario.

The Japanese Prime Minister said during the ceremony that there are rising concerns about protectionism which need to be addressed. He said that he wants Japan and the European Union to lead the world by bearing the flag of free trade.

Donald Tusk further said that this deal is a clear message that Japan and EU stand against any form of protectionism. He said that EU and Japan shall remain open for cooperation.

Largest Ever Deal Negotiated By The EU

The deal signed between Japan and the European Union will now need to be ratified by the European Parliament and the Japanese legislators. The draft could be tabled in the coming months. This is the largest ever negotiated deal by the EU and it will be a bridge between 600 million people across both the markets. The officials of the European Union hope to bring it into effect by 2019 in the very beginning.

After the deal is signed, Japan will remove tariffs on 94% of all imports from the EU including 82% tariffs on farms and fisheries.

More News at EurAsian Times

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