Japan, EU agree to sweeping trade deal against tariffs

European council president Donald Tusk

Japanese Prime Minister Shinzo Abe, European Commission President Jean-Claude Juncker and European Council President Donald Tusk signed the pact, which had been under negotiation since 2013.

The ceremony came amid spreading protectionism driven by U.S. President Donald Trump's "America First" agenda and an intensifying trade row between the United States and China.

In fact, Japan was the main driver behind the completion of the revised Trans-Pacific Partnership (TPP) free trade agreement this spring, after Trump pulled the United States out of the deal, agreed upon by his predecessor Barack Obama's administration.

The deal with Japan is just one of many the European Union has in negotiations to improve trade relations, the New York Times reports.

The dialogue will be chaired by Japan's trade and foreign ministers and the European Commission's vice-president for competitiveness, both sides said in a joint statement.

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


While the EPA with the European Union is Japan's largest bilateral trade agreement, the country is the largest economy to participate in the Comprehensive and Progressive Trans-Pacific Partnership, a high standard-focused multilateral trade pact that succeeds the original twelve-member Trans-Pacific Partnership that the United States withdrew from last January. "We are putting in place the largest bilateral trade deal ever".

Commissioner for Justice Věra Jourová welcomed the news of the agreement and the economic impact it could deliver, particularly because of the value of data in global marketplaces. The Department of Agriculture said the deal will ensure duty-free trade with processed pork meat and nearly duty-free trade for fresh pork meat exports. The agreement was supposed to have been signed during an EU-Japan summit in Brussels last Wednesday, but the meeting was canceled by Abe due to the recent flooding disaster in Japan. It has turned to the body to protest US tariffs, including saying Monday that it filed a new challenge to the Trump administration's plans to clamp tariffs on $200 billion of Chinese goods. The agreement eliminates tariffs on almost all major goods traded between the two sides.

The price of European wine and pork will fall for consumers in Japan.

Meanwhile, Japan is also in talks with China, India and other Asian countries to create the 16-nation Regional Comprehensive Economic Partnership, which could become the world's largest trading bloc. "What we're saying is that we believe in open, fair and rules-based trade".

ZARROLI: The deal comes at a time when European officials have been working to lock down trade agreements all over the world with Canada, Singapore and Vietnam.

The deal still has to be ratified by both houses of parliament.

Related News:

  • Whoopi Goldberg Shuts Down Former Judge Jeanine Pirro On ‘The View’

    Goldberg asked, a nod to " Liars, Leakers, and Liberals ". "You tell me what metric in this country is worse off", she said. Goldberg continued: "Listen, I'm 62 years old".
    Time magazine cover morphs Donald Trump into Vladimir Putin

    Time magazine cover morphs Donald Trump into Vladimir Putin

    It took the president several attempts to walk back his comments, amplifying the fallout from his joint appearance with Putin. Our lawyers and diplomats should use this confession while preparing suits in global courts.
    Lampard raids Chelsea and Liverpool in Derby double swoop

    Lampard raids Chelsea and Liverpool in Derby double swoop

    Morris, who had left his coaching role at the Chelsea academy, arrived at Derbyshire last June to become Lampard's assistant . The England Youth global proved a massive hit at the Gelredome, netting 14 times and providing 10 assists.
  • Processed Meats Associated with Manic Episodes

    Processed Meats Associated with Manic Episodes

    The amount of nitrates used in these experiments were the equivalent of a human eating one hot dog or beef jerky stick per day.
    Joaquin Phoenix's Joker spinoff gets title, release date

    Joaquin Phoenix's Joker spinoff gets title, release date

    Zazie Beetz is reportedly in talks to play a single mother who catches the eye of the man who becomes the Joker in the film. New details about Joaquin Phoenix's standalone movie about the Joker have been unveiled.
    Nokia X5 launched as impressively cheap iPhone X rival - 5.1 Plus incoming?

    Nokia X5 launched as impressively cheap iPhone X rival - 5.1 Plus incoming?

    The device sports 5.2-inch IPS display with HD+ (1280 x 720 pixels) resolution and 18:9 aspect ratio. The Nokia 3.1 is powered by a 1.5GHz octa-core MediaTek MT6750N SoC along with Mali T860 GPU.
  • Xiaomi Mi Max 3 price revealed; specifications and launch time

    Xiaomi Mi Max 3 price revealed; specifications and launch time

    The 4GB+ 64GB RAM variant is priced at 1,699 Yuan in China that translates to about Rs.17,321 for the Indian market. The rear will house a dual camera setup, with 12MP and 5MP sensors, while the front-facing camera will be 8MP.

    Mysterious sarcophagus to be opened in two days, Egypt's MOA says

    Beyond the skeletons, the sarcophagus was inundated with sewage water, which accelerated the decomposition of the skeletons. More specifically, archaeologists from Egypt's Ministry of Antiquities found three male skeletons in a reddish-brown slop.
    Australian players banned in wake of basketball brawl in Manila

    Australian players banned in wake of basketball brawl in Manila

    We are seeking further clarification from FIBA about possible sanctions against other officials and fans involved in the incident. Nathan Sobey and Jason Cadee, who were on the floor with the 3 other Boomers at the time of the brawl, escaped sanctions.
  • Donald Trump 'not happy' with Fed interest rates

    Last month, the Fed raised its benchmark rate for a second time this year and projected two more increases in 2018. Mr Trump argued that higher rates put the USA at a disadvantage and impede faster growth.
    UnitedHealth puts up big profit numbers in 2Q

    UnitedHealth puts up big profit numbers in 2Q

    The stock of UnitedHealth Group Incorporated (NYSE: UNH ) has "Outperform" rating given on Wednesday, April 18 by Credit Suisse. Also, Director Kenneth Irwin Shine sold 202 shares of the business's stock in a transaction on Thursday, April 19th.
    Cleveland Indians bolster bullpen by getting Brad Hand

    Cleveland Indians bolster bullpen by getting Brad Hand

    The Padres, who haven't been to the playoffs since 2006, are last in the NL West, 14 ½ games behind Los Angeles. Some teams felt San Diego was asking too much for the closer a year ago , when the Padres finished 71-91.


Most liked

Fatalities reported in Branson, Missouri tourist boat accident
Emergency crews are staging at the Branson Belle Dock but the tourist attraction is not involved in the incident, Nielsen said. Severe weather rolled into the area at about the time the vessel capsized, Nielsen added.

Alisson: New Liverpool signing reveals Mohamed Salah text message
Klopp claimed he encountered little resistance from the Liverpool hierarchy in splurging on a highly rated replacement for the much-maligned Loris Karius .

Mysterious Black Sarcophagus Finally Opened
The Ptolemaic dynasty famously ended with Cleopatra's suicide during the Roman conquest of Greece and Egypt around 30 B.C. An alabaster bust, its features weathered beyond recognition, was also found with the sarcophagus.

"Lava Bomb" Explosion Under Investigation
The " lava bomb " was a result of the Kilauea volcano , which has been erupting on the island since the beginning of March. In new video of the nightmare, passengers can be heard screaming on board the Hawaiian tour boat that took a direct hit.

Tiger Woods Just Finished His First Round At The Open
The house group has a deal among one another that if one of them wins the Open, he pays for the private jet back to the US. But creativity plays such an important role, and you've got guys like Tom playing late in his career, doing well.

Brandon Lewis faces calls to resign over voting row
Today the Times claims he and two other Tory MPs were told by Mr Smith that they should go ahead and vote despite being paired. The shadow equalities secretary Dawn Butler said: "We need a full, honest explanation of what's gone on".

The Culling 2 Removed From Store Shelves, The Culling Going F2P
After its July 10, 2018 release date, Xaviant's battle royale game was met with a wave of negative reviews and staunch criticism. Van Veld didn't get into exactly now that will work, but said that more information will be released later this week.

Thierry Henry Reveals Why He Quit His Job At Sky Sports
The 40-year-old is now working as a coach with Belgium's national team who finished third at the World Cup this summer. The 40-year-old was even at one point considered to be in line to replace his former boss Arsene Wenger at Emirates.

Star Wars: The Clone Wars Revival Headed to Disney's Streaming Service
Star Wars: The Clone Wars was never finished, which never sat well with hardcore fans or even Dave Filoni . The Clone Wars ended after five broadcast seasons - just as Ahsoka left the Jedi Order.

Spain drops arrest warrants for former Catalan leader Puigdemont
Judge Llarena was scathing about the German court's decision, describing it as "a lack of commitment" in pursuing the fugitives. Puigdemont fled past year for Belgium after Catalonia held a referendum on independence that Madrid deemed unconstitutional.

British Open: Bandaged Tiger Woods 5 back after even-par 71
Having said this, Woods' actions don't speak that of a confident, upbeat golfer excited about his chances at the event. Even more fun would be a major with Woods in contention.

It's a wrap for PeeCee's 'Isn't it Romantic'
Helmed by Todd Strauss-Schulson, the romantic comedy also features Rebel Wilson , Adam DeVine , Betty Gilpin and Liam Hemsworth . Isn't It Romantic has a flawless release date of 14 February 2019, but will face stiff competition in the U.S. and at home.

Faith Evans and Stevie J's Wedding Blindsides and Hurts Friends and Family
So, the news of his marriage to Faith comes as sort of a surprise to some. Well they said to hell with waiting! I've known her for nearly 25 years.

Megan Markle's half-sister Samantha warns her: 'If our father dies, you're responsible'
Meghan then nominated her close friend Serena Williams to take on the challenge - who she has maintained a close friendship with over the years.

The Open: Tiger Woods off to a flyer at Carnoustie
Alex Noren - The Swedish star came in tied for sixth at last year's Open at Royal Birkdale and enters the week in fantastic form.