European Council President Donald Tusk, European Commission President Jean-Claude Juncker and Japanese Prime Minister Shinzo Abe signed the Economic Partnership Agreement (EPA) in Tokyo, Japan on the afternoon of the 17th. Japan’s Kyodo News quoted Japanese officials as saying that this is the largest free trade agreement to date in terms of the size of the participating economies. The sum of the gross domestic product (GDP) of the EU and Japan accounts for about 30% of the global economy. According to the agreement, the EU will cancel 99% of tariffs on imports from Japan; Japan will cancel 94% of EU import tariffs, including 82% of agricultural products and aquatic products; in the next few years, 99% of EU import tariffs will be phased out. A number of international media reported that after the agreement came into effect, the prices of Japanese wine, pork, cheese, chocolate and biscuits imported from the EU will fall, and the prices of mechanical parts, tea and fish exported from Japan to the EU will also be lowered. The EU's exports of chemical products, clothing, daily necessities and beer are expected to increase, while opening up to the Japanese auto industry; in exchange, Japan will remove trade barriers to the EU in the field of agricultural products. Most of these reports mentioned that the Japan-European "Economic Partnership Agreement" aims to respond to the US government's trade protectionist policies. The Economic Partnership Agreement is subject to approval by the Japanese National Assembly and the European Parliament as the EU legislative body. The latter approval process may take several months. Some EU officials said that the EU hopes that the agreement will come into force before the official exit of the EU in early 2019, the same year on March 29 of the same year. Good Color Box,All Colour Box,Doms Colour Box,Coloured Boxes With Lids QD Cloudy Inernational Pre Ltd , https://www.qdcloudy.com
Responding to US Trade Protectionism, Japan and the European Union Signed a Free Trade Agreement
Abstract European Council President Donald Tusk, European Commission President Jean-Claude Juncker and Japanese Prime Minister Shinzo Abe signed the Economic Partnership Agreement (EPA) in the Japanese capital Tokyo on the afternoon of the 17th. Japan’s Kyodo News quoted Japanese officials as saying that...