The European Parliament has voted 474 in favour of a Free Trade Agreement with Japan that will bind the two economies, accounting for about a third of global gross domestic product and also signals their rejection of protectionism.
The vote cleared the final hurdle for the set up of the world’s largest free trade area set to come into force early next year.
Japan had been part of the 12-nation Trans-Pacific Partnership that U.S. President Donald Trump rejected on his first day in office, turning Tokyo’s focus to other potential partners – such as the European Union.
EU commissioner for trade, Cecilia Malmstrom said;
“This is an agreement with a friend and an ally. Japan is a strong democracy that shares our values, and together we stand up for fair trade, free trade, sustainable trade, based on multilateral rules. And you all know that they are under question today. It opens up fantastic possibilities for our goods, services, agrifood, products, Irish Whiskey and many others that can be sold to the benefit of Japanese customers.”
Related posts:
Bilateral relations: Japan PM, Shinzo Abe vows to restore ties with N/Korea
Bilateral Relations: Trump may give China a chance to end trade war
Bilateral relations:U.S.-China trade talks to resume next week, Trump hints at extension
UAE, South Korea conclude negotiations on bilateral trade deal
Bilateral relations: Chinese FM pledges stronger ties with Mynanmar, Vietnam
Commonwealth, Malta to strengthen bilateral relations
Bilateral relations: President Trump, PM Abe hold press conference
Russia-Africa Summit: President Buhari, Putin agree to strengthen bilateral relations
