As the UK falls into chaos over leaving the EU, the EU itself has gone on and approved a huge trade deal with Japan starting in 2019.
The European Parliament voted 474 to 156 in favour of the plan to bind the two economic powerhouses.
This will create the world’s largest free trade area totally around a third of the earth’s GDP.
EU Trade Commissioner Cecilia Malmstrom said in a statement: “This will bring clear benefits to our companies, farmers, service providers and others,”
“Our economic partnership with Japan – the biggest trade zone ever negotiated – is now very close to becoming a reality.”
This new agreement will remove EU tariffs of 10 percent on Japanese cars and 3 percent for most car parts.
It will cancel Japanese duties of around 30 per cent on EU cheese and 15 percent on wines. Additionally, it will open up EU access to public tenders in Japan.
President of the European Commission Jean-Claude Juncker said: “Almost five centuries after Europeans established the first trade ties with Japan, the entry into force of the EU-Japan Economic Partnership Agreement will bring our trade, political and strategic relationship to a whole new level.
“I praise the European Parliament for today’s vote that reinforces Europe’s unequivocal message: together with close partners and friends like Japan we will continue to defend open, win-win and rules-based trade. And more than words or intentions, this agreement will deliver significant and tangible benefits for companies and citizens in Europe and Japan.”
Mhairi Black nails absurdity of current political turmoil in a way only she could
Since you are here
Since you are here, we wanted to ask for your help.
Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.
Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.
If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.
To donate or subscribe to The London Economic, click here.
The TLE shop is also now open, with all profits going to supporting our work.
The shop can be found here.
You can also SUBSCRIBE TO OUR NEWSLETTER .
