EU-Japan trade deal approved creating world’s largest free trade area

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.”

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