The European Union signs its largest trade agreement after reaching an agreement with Japan

The most important trade agreement of the European Union was signed with Japan

The historic agreement, which took five years to negotiate, covers 600 million people, either one-third of global GDP and increase trade and investment.

Presidents of the European Council and the European Commission, Donald Tusk and Jean-Claude Juncker, visited the Japanese capital of Tokyo on behalf of the 28 EU Member States for the signing ceremony.

A joint statement issued later with the Japanese government said: "Today, we mark a historic milestone by celebrating the signing of an extremely ambitious trade agreement between two of the world's largest economies. [19659005] "By giving full effect to this agreement, the EU and Japan are sending a powerful message to promote free, fair and rules-based trade, and protectionism.

"The agreement will also provide sustainable and inclusive economic growth." The agreement demonstrates to the world – and to our citizens – that free, fair and rules-based trade remains an important tool to promote prosperity in our societies and in the world. "

The EU and Japan will continue their negotiations on the rules of investment."

M. Juncker called the deal "win-win".

"Today's signing of the EU-Japan Economic Partnership Agreement is a turning point for global trade." It brings together savings of one-third of world GDP and more than 600 million people .

The complex negotiations that led to this agreement began in 2013. The consequence will be the elimination of tariffs and cheaper goods for consumers.

At present, companies from the EU are paying 1 billion euros (890 million pounds sterling) of duties on products exported to Japan.Almost all these rights will be removed and 95% of tariffs in the other meaning will also be eliminated.

These companies – including British companies up to Brexit – export nearly 60 billion euros in products and 28 billion euros (£ According to the European Commission, the new agreement could increase these expor quarterly

For consumers in the EU and Japan, the agreement means that the products of the markets of the other being cheaper, with rights to be put discarded on items as varied as cheese, wine and cars.

Japanese car manufacturers will see an immediate elimination of tariffs up to 4% currently in force for 90% of Japanese auto parts. Customs duties on cars will be eliminated in the next seven years.

The agreement sends a direct message to President Donald Trump that both parties clearly see the benefits of removing trade barriers at a time when the United States is declaring an EU-China war.

In a message pointed, M "The real risks to our economy, our jobs and our prosperity are political uncertainty, tariff war, unpredictability, irresponsibility and aggressive rhetoric" said Mr Tusk. No free trade agreements. "

" With (Other OTC: WWTH – news) the largest bilateral trade agreement ever concluded, we cement today the friendship between Japan and Europe. Geographically, we are far away. But politically and economically we could hardly be closer. With shared values ​​of liberal democracy, human rights and the rule of law. "

Commenting on the agreement, Ross Denton, of the international law firm Baker McKenzie, said that Japan and the EU were compromised to produce a meaningful new partnership. [19659019] "The two parties have granted concessions to each other (eg Japan on agriculture and the EU on cars) and come up with a balanced result that will give a boost. accelerator to world trade in this period of uncertainty. "

<p class =" web-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type = "text" content = "The UK will be able to take advantage of the new agreement during the Brexit implementation period, which is expected to end in 2020, but will then have to negotiate its own trade agreement with Japan and l & # 39; EU.

million. Denton added: strong pressure on the UK to replicate the EU's deal with Japan as part of its own network of new bilateral trade agreements. "" data-reactid = "44"> The UK will be able to take advantage of the new agreement during the Brexit implementation period, which is expected to end in 2020, but it will then have to negotiate its own trade agreement with the UK. Japan and the EU.

million. Denton added: of course, strong pressure on the UK for it to repeat the EU's deal with Japan as part of its own network of new bilateral trade agreements. "