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The ambitious pact aims to contain the actions of US President Donald Trump, who has raised tariffs on goods imported from various trading partners in the United States.
The settlement covers one-third of the world's economy and the markets of more than 600 million people. "The EU and Japan show a strong determination to lead the world as symbols of free trade," said Prime Minister Shinzo Abe.
The Prime Minister participated in a joint press conference with European Council, Donald Tusk, and the President of the European Commission, Jean-Claude Juncker. Mr Tusk called the pact "the largest bilateral trade agreement in history" and noted that the partnership was strengthened in a number of other areas, including defense and climate change, and " sends a clear message "against protectionism
The agreement removes 10% of EU tariffs on Japanese cars and 3% on most auto parts. It also eliminates Japanese taxes of about 30% or more on EU cheeses and 15% on wines, and also guarantees access to major calls for tenders at Japan.
The elimination eliminates almost 99% of tariffs on Japanese products marketed to the European Union and about 94% of the tariffs on exports of l & # 39; Europe to Japan, reaching 99% in the future.
The European food sector is one of the biggest beneficiaries of the agreement, which should allow the growth of Japanese demand for high quality cheeses, chocolates, meats and pastas. Japanese car and auto parts manufacturers are also expected to increase their sales in Europe, where they lag behind European competitors.
The pace of trade liberalization has been discussed since 2013.
