Fri Jul 6th, 2018 at 07:26:32 PM EST
Rebuffing US Trade policy under GOP Congress and a Republican president ...
Commission welcomes Council green light for EU-Japan Economic Partnership Agreement
Today EU Member States in the Council authorised the signature
of the trade agreement between the EU and Japan.
As a result EU and Japan leaders will sign the agreement at the EU-Japan summit that will take place on 11 July in Brussels. After next week's signature, the European Parliament is expected to vote upon it in the autumn. Once procedures are finalised both at the EU level and in Japan, the agreement will enter into force in early 2019.
Commissioner for Trade Cecilia Malmström said:
"I'm very pleased that EU member states have now given their formal backing. The EU-Japan Economic Partnership Agreement is the biggest and most advanced bilateral agreement ever negotiated by the European Union. It creates a free trade zone covering 600 million people and a third of global GDP. Together with our Japanese partners we are sending a strong signal to the world that we still believe in open trade and that protectionism is never the answer. The economic benefits of this agreement are clear. It will eliminate the vast majority of duties paid by our firms and simplify customs procedures across the board. The deal will open huge market opportunities for both sides. European agriculture also has something to celebrate, with access to the enormous Japanese market and protection for over 200 distinctive food and drinks, like Champagne and Parma ham. I now call on the European Parliament to approve this agreement quickly so that European firms, citizens and farmers can reap the benefits of this deal as soon as possible."
More below the fold ...
EU governments approve free trade deal with Japan | Deutsche Welle |
EU governments on Friday threw their weight behind a free trade deal with Japan, paving the way for the agreement to be signed next week at a bilateral summit in Brussels.
The deal will be the biggest free trade accord ever signed by the European Union. The agreement will unite around 600 million people, representing about one-third of global trade.
EU officials said the accord would lead to the removal of all but a handful of tariffs between the two sides and aimed to boost economic growth and job creation.
Responding to earlier criticism from consumer protection groups, Brussels insisted the deal would not result in the deregulation and privatization of public services such as water management and waste water treatment.
Bucking the trend?
The deal, which comes at a time when US President Donald Trump is spearheading an "America first" agenda, "sends a very powerful signal against protectionism and for the rules-based international order," an EU official told the DPA news agency on condition of anonymity.
EU member states also approved the signature of a strategic partnership agreement with Japan to boost cooperation in a range of areas including security, defense against cybercrime, energy and climate change mitigation.
○ On the economics of an EU-Japan Free Trade Agreement | Bertelsmann Foundation |
○ Is a new sun rising for Japan's Shinzo Abe?
○ Japan PM plans Iran visit in July, a first in 40 years: Report
○ Under pressure from US, Japan's Shinzo Abe 'cancels Iran trip'
○ EU Takes Measures to Protect Business with Iran