Japanese PM to seal EU trade deal
The EU and Japanese economies combined account for more than a quarter of global output.
Brussels - Japanese Prime Minister Shinzo Abe and the EU's top officials joined forces yesterday to approve the broad outline of a landmark trade deal that would challenge the protectionism championed by US President Donald Trump.
European Union Trade Commissioner Cecilia Malmstroem on Tuesday announced the two sides had reached a “political agreement” on the EU Japan deal.
Abe was also set to meet NATO chief Jens Stoltenberg yesterday at the alliance headquarters in Brussels amid rising tensions after a missile launch by North Korea.
Four years
The breakthrough capped four years of talks and came ahead of a G20 meeting in Germany at which Trump is expected to defend his protectionist stance on trade.
Abe was set to officially rubberstamp the preliminary accord at a meeting yesterday with EU Council President Donald Tusk and EU Commission chief Jean-Claude Juncker.
“Right in time for the G20 summit in Hamburg I believe we will lay down an economic partnership with Japan,” Juncker told Germany Passauer Neue Presse yesterday.
Juncker also insisted that the deal would be a major boon for European farmers who would gain access to a huge market “that appreciates European wine and our 200 protected regional products”.
The EU and Japanese economies combined account for more than a quarter of global output making the deal one of the biggest trade pacts ever attempted.
Details
The “political agreement” on the trade deal covers some of the accord's toughest aspects but leaves aside details that could still prove difficult.
At the heart of the deal is an agreement for the EU to open its market to the world-leading Japanese auto industry, with Tokyo in return scrapping barriers to EU farming products, especially dairy.
“After hard negotiations, the EU and Japan are sending a very positive signal to the world,” said Markus J. Beyrer, Director General of BusinessEurope, a Brussels-based lobby.
“This trade deal smacks of corporate protectionism at the expense of democracy and the environment,” Greenpeace trade campaigner Kees Kodde said.– Nampa/AFP
European Union Trade Commissioner Cecilia Malmstroem on Tuesday announced the two sides had reached a “political agreement” on the EU Japan deal.
Abe was also set to meet NATO chief Jens Stoltenberg yesterday at the alliance headquarters in Brussels amid rising tensions after a missile launch by North Korea.
Four years
The breakthrough capped four years of talks and came ahead of a G20 meeting in Germany at which Trump is expected to defend his protectionist stance on trade.
Abe was set to officially rubberstamp the preliminary accord at a meeting yesterday with EU Council President Donald Tusk and EU Commission chief Jean-Claude Juncker.
“Right in time for the G20 summit in Hamburg I believe we will lay down an economic partnership with Japan,” Juncker told Germany Passauer Neue Presse yesterday.
Juncker also insisted that the deal would be a major boon for European farmers who would gain access to a huge market “that appreciates European wine and our 200 protected regional products”.
The EU and Japanese economies combined account for more than a quarter of global output making the deal one of the biggest trade pacts ever attempted.
Details
The “political agreement” on the trade deal covers some of the accord's toughest aspects but leaves aside details that could still prove difficult.
At the heart of the deal is an agreement for the EU to open its market to the world-leading Japanese auto industry, with Tokyo in return scrapping barriers to EU farming products, especially dairy.
“After hard negotiations, the EU and Japan are sending a very positive signal to the world,” said Markus J. Beyrer, Director General of BusinessEurope, a Brussels-based lobby.
“This trade deal smacks of corporate protectionism at the expense of democracy and the environment,” Greenpeace trade campaigner Kees Kodde said.– Nampa/AFP
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