Japan gets cheaper cheese as it signs EU’s ‘biggest’ trade deal

Abe, an early visitor to Trump's Mar a Lago resort after his election, did not address the Helsinki summit directly but told reporters that the trade agreement with Brussels "shows the world the unshaken political will of Japan and the European Union to lead the world as the champions of free trade at a time when protectionism has spread".

"This agreement will create an open trade zone covering almost a third of the world's GDP", he said.

Once ratified by parliaments on both sides, the EU-Japan trade deal will eliminate about 99% of tariffs on Japanese goods, including on cars, from the eighth year after the deal is implemented, with tariffs scrapped on vehicle parts immediately.

Both sides are heralding the deal, which covers a third of the global economy and more than 600 million people.

European Council President Donald Tusk and European Commission President Jean-Claude Juncker inked the agreement, together with Japan's Prime Minister Shinzo Abe, at a ceremony in Tokyo.

"It is the common duty of Europe and China, but also America and Russian Federation, not to destroy (the global trade order) but to improve it, not to start trade wars which turned into hot conflicts so often in our history", Tusk said in Beijing.

Japan's ambassador for worldwide economic affairs, Yoichi Suzuki, has previously said it was 'a very high priority that [the deal] enter force before the end of March 2019, ' referring to the date when Britain is set to leave the EU.

The European Union yesterday called on the United States, China and Russian Federation to work together to cool worsening global trade tension, warning that they could spiral into violent "conflict and chaos".

It also provides a stark counterpoint to US President Donald Trump's aggressive "America First" protectionism, which has seen Washington impose trade tariffs on allies and rivals alike.


The EU-Japan deal will send a "strong signal to the world" against U.S. protectionism, EU Trade Commissioner Cecilia Malmstrom said recently.

After the turmoil of Trump in Brussels, EU leaders are in China and Japan today and tomorrow for two important summits, a sign that Europe is looking to Asia, writes Fraser Cameron. Both the European Union and Japan have been hit with new United States tariffs despite their longstanding alliances with Washington.

The foreign ministry said that by strengthening ties with the EU, Japan hopes to vitalise mutual direct investment, fight other global trends toward protectionism and enhance the stature of Japanese brands. The difference reflects exceptions on such products as rice, which enjoys strong political protection from imports in Japan.

The EU said the trade liberalization will help raise European exports of chemicals, clothing, cosmetics and beer to Japan.

The major step toward liberalizing trade has been discussed since 2013.

Europe's food sector is one of the biggest winners from the deal, which should allow it to capitalize on Japanese demand for high-quality cheese, chocolates, meats and pasta. The partnership includes Australia, Mexico, Vietnam and other nations, although the United States has withdrawn.

Japanese consumers have historically coveted European products, and a drop in prices is likely to boost spending.

"Furthermore, the European Union and Japan will continue their negotiations on investment rules".

Related News:

  • Bolt poised for surprise trial with Oz football club

    Bolt poised for surprise trial with Oz football club

    According to the arrangement planned, Bolt will take part in a six-week trial starting in August at the Mariners' base in Gosford. Mr Mielekamp said the club was optimistic that the trial could be extended.
    Rush Limbaugh Ravages US Media Over Coverage of Trump-Putin Summit

    Rush Limbaugh Ravages US Media Over Coverage of Trump-Putin Summit

    We are past the point where Trump's conduct can be ascribed to his belief that it is imperative to improve US-Russia relations. US President Donald Trump and Russian President Vladimir Putin addressed the press after a two-hour meeting .
    MLB Home Run Derby: Participants, Format, Odds & More

    MLB Home Run Derby: Participants, Format, Odds & More

    Bryce Harper, who said he was exhausted after taking his cuts in the first round, certainly appeared gassed in the final round. But if you're Bryce Harper and hitting 450-foot bombs with serious hang time , you don't have the seconds to spare.
  • Rebels' Super Rugby finals hopes on brink - Nine Wide World of Sports

    Rebels' Super Rugby finals hopes on brink - Nine Wide World of Sports

    The makeshift five-eighth scored 29 points, including three of his team's four tries and a six-from-six goalkicking return. Up 17-3 early and then 34-22 entering the final quarter, they leaked three late tries to suffer a third-straight loss.
    Brexit tensions as Tory rebels back a second referendum

    Brexit tensions as Tory rebels back a second referendum

    The amendments passed with a majority of just three with one junior minister quitting and 14 Tories rebelling over the motion. Their unhappiness prompted heated exchanges between both sides of the Tory party on Monday during the customs bill debate.
    Showtime and Sacha Baron Cohen push back against Sarah Palin

    Showtime and Sacha Baron Cohen push back against Sarah Palin

    The prank comes after Sarah Palin accused Cohen, 46, of duping her into doing an interview by posing as a wounded veteran. The Showtime statement came after a billboard designed by rightwing artist Sabo was erected in Los Angeles.
  • Helsinki Summit: Protests continue as summit begins

    Helsinki Summit: Protests continue as summit begins

    Mr Trump seemed to return the favour by waiting until Mr Putin had arrived at the palace before leaving his hotel. Still, Trump's reluctance to criticize Russian Federation has been perplexing.
    Cornwall MP Scott Mann resigns from Government role over Brexit

    Cornwall MP Scott Mann resigns from Government role over Brexit

    Mrs May inched through with the support of three Labour MPs, Frank Field, Kate Hoey and Graham Stringer, on both. Defence minister Guto Bebb voted against the Government, effectively quitting his frontbench role.

    Usain Bolt agrees in principle to trial with Central Coast Mariners

    His trial would be similar to the one Jarryd Hayne underwent before earning a contract to play American Football. The fastest man in history has joined Central Coast Mariners, in Australia's top league.
  • Demi Moore Destroys Bruce Willis In Surprise Roast Appearance

    Demi Moore Destroys Bruce Willis In Surprise Roast Appearance

    Bruce also shares two young daughters, Mabel Willis and Evelyn Willis , with his current wife Emma , who he married in 2009. Not to be outdone, Willis had some choice words for MC Gordon-Levitt - and Moore.
    The Open: Tiger Woods relishing fast, firm conditions at Carnoustie

    The Open: Tiger Woods relishing fast, firm conditions at Carnoustie

    The course might be a little different to what it was the last couple of times we played it, so it will be a fun challenge". Woods, now 42 years old, remains plenty long off the tee; he ranks 28th in driving distance with a 304.9-yard average.
    Google's phone app can now detect spam calls

    Google's phone app can now detect spam calls

    From there, tap to "Turn Caller ID & Spam" on and then " Filter suspected spam calls " to have them sent straight to voicemail. Once the latest version of the Phone app is installed, just go to the settings menu and the Caller ID & Spam section.


Most liked

Killed, 25 Injured As Boulder Rolls Down Waterfall in J&K
National Conference Vice President and former chief minister Omar Abdullah expressed grief and shock over the incident. Rana also spoke to senior officers in the administration and sought specialized treatment of all those injured.

Manny Machado Trade 'Very Close'
Five Red Sox players will represent the American League in the All-Star Game at 7:30 p.m. Tuesday. "People didn't think I should have made the move in my walk year, but I did".

All Mother Teresa Care Homes To Be Inspected After Baby-Selling Scandal
Missionaries of Charity spokeswoman Sunita Kumar could not provide an immediate comment to Reuters. According to The Times of India , Indwar confessed to selling the children.

Trump begins summit with Putin, blames hostile ties on US' past 'foolishness'
He said Russia's legendary intelligence operatives can't possibly keep track of every American businessman visiting the country. He added: 'Duing todays meeting I addressed directly with President Putin the issue of russian interference in our elections...

Putin says 25 mln cyber attacks at World Cup-related infrastructure foiled
Footballer Kylian Mbappe, who emerged as the French hero of the World Cup , is the son of immigrants from Algeria and Cameroon. Presidential decorum be damned when your country's just won the World Cup.

Theresa May's Brexit plan in turmoil | Ireland
Monday's developments also cast doubt over whether May will ultimately be able to get her Brexit plan through Parliament. For May, it was a least-worst option, aimed not so much as satisfying anyone but at giving something to everyone.

Amazon faces web issues around the world on Prime Day
Shoppers, meanwhile, have lots of sales to choose from as other retailers offer promotions to try to take a share of the spending. It's a particular embarrassment for Amazon, on the shopping holiday it created that has become one of its busiest days.

Former UK minister calls for second vote on Brexit to end stalemate
Some critics even suggested Jacob Rees-Mogg, the ERG chair, is now actually in charge of Brexit policy rather than Mrs May. SNP deputy Westminster leader Kirsty Blackman said the Prime Minister had given in to her party's hard Brexit faction.

Amazon's European workers strike as Prime promotion continues
Also, for the first time, shoppers will get 10 percent off on "hundreds of items" at Whole Foods, which Amazon bought past year . Items will be up to 80 percent off the regular price, the company said in a news release .

Alisson agent drops major hint ahead of meeting today
Chelsea's interest in the Brazilian shot-stopper has been well-documented, along with that of Liverpool in recent months. Nabil Fekir remains a target, despite a deal collapsing due to concerns over his medical.

Fortnite L dance excites fans during World Cup 2018 final
PSG had considered selling Mbappe this summer if they were found in breach of UEFA's Financial Fair Play regulations, but the European governing body cleared the Parisians earlier this summer.

Manchester United Launch Bid For Real Madrid Star As Bernabeu Clearout Continues
Gareth Bale's performance against Liverpool in the Champions League caught the eyes of everyone. It's just kind of one of those things that you don't think about, you just react to it.

EBay Will 'Beat' All Amazon Prime Day Deals By 5%
As Feldman notes , Target said last year that it saw strong growth even its regular price business around Prime Day last year. Shares of Amazon have gained 54% since the beginning of the year, hitting an all-time high of $1,7.21 on Monday morning.

France's World Cup heroes arrive home to victory parade
The Champs-Elysees Clemenceau has become the Deschamps-Elysees Clemenceau to honor national team coach Didier Deschamps. Observers made note of the youth of the team, as well as how many players are of central and North African heritage .

Parliament vote to reveal extent of anger over May's Brexit plan
Mrs May bowed to Brexiteer demands earlier to stem a threatened uprising on the Customs Bill. The Putney MP said she would campaign for Remain in any new vote.