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Japanese Prime Minister Shinzo Abe, President of the Council of the European Union Donald Tusk, and European Commission President Jean-Claude Junker pose after signing a contract on Tuesday 17 July 2018 at the Prime Minister's Office in Tokyo. (Martin Bureau / Photo Pool via AP) (Associated Press)
TOKYO – The European Union and Japan on Tuesday signed a historic agreement that will eliminate almost all tariffs on the products they market.
The ambitious pact signed in Tokyo goes against the steps taken by President Donald Trump to raise tariffs on imports from many US trading partners. It covers one-third of the global economy and markets of more than 600 million people.
"The EU and Japan have shown unwavering determination to lead the world as a flag bearer of free trade" The President of the European Council, Donald Tusk, and the President of the European Commission, Jean-Claude Juncker
M. Tusk called the agreement "the most important bilateral trade agreement ever concluded". "The leaders did not mention Trump by name, but they did little to hide what they had in mind, highlighting how Europe and Japan were pushed closer by the Trump shares.
The agreement was largely concluded last year .The signing ceremony was delayed earlier this month because Abe canceled his departure for Brussels following a disaster. in southwestern Japan, caused by extremely heavy rains More than 200 people died from floods and landslides
The measures will not be implemented immediately and still require the approval of the legislator. But they will bring Japanese consumers to lower prices for European wines, pork, handbags and pharmaceuticals.Japanese machinery parts, tea and fish will become cheaper in Europe.
39th agreement eliminated only about 99% of the tariffs on Japanese products sold to the EU. About 94 percent of tariffs on European exports to Japan will be lifted, reaching 99 percent in the future. The difference reflects exceptions on products such as rice, which enjoys strong political protection against imports into Japan.
Overall, European farmers will benefit, but it will be easier for European consumers to buy Kobe beef and famous Yubari melons.
The EU said trade liberalization will help boost European exports of chemicals, clothing, cosmetics and beer to Japan. The Japanese will get cheaper cheeses such as Parmesan, Gouda and Cheddar, as well as chocolate and cookies.
Imported wine and cheese could hurt Japanese sales and Japanese dairies, but Japanese consumers have always coveted these European products. ] The major step towards the liberalization of trade has been discussed since 2013.
Apart from its agreement with the EU, Japan is working on other trade agreements, including a cross-border agreement far-reaching. The partnership includes Australia, Mexico, Vietnam and other countries, although the United States withdrew.
Abe praised the agreement reached with the EU to help his "Abomic" policies aimed at getting the economy out of stagnation despite a small and cautious population. expenses. Japan's growth remains highly dependent on exports.
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