Arab Times

Japan, EU to launch free trade talks

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Japan and the European Union are to hold a summit this month to formally launch negotiatio­ns on a huge free trade deal, a report said Sunday.

EU President Herman Van Rompuy and European Commission head Jose Manuel Barroso will visit Tokyo in the last week of March to meet Prime Minister Shinzo Abe, the Nikkei business daily said.

The report said the two sides would reach a final accord to launch long-awaited negotiatio­ns aiming to liberalise trade and remove barriers on services and investment.

The EU and Japanese leaders also plan to begin separate talks on a “political accord” featuring cooperatio­n on security, the environmen­t and science and technology.

EU trade ministers agreed in November to launch free trade talks with Tokyo while pledging to safeguard Europe’s struggling carmakers.

European car and car parts manufactur- ers fear the removal of tariffs will lead to a rise in Japanese car imports, pointing to a previous trade deal with South Korea that bumped up sales of South Korean vehicles in Europe.

EU trade ministers have pledged to safeguard struggling carmakers but auto companies have criticised the envisaged deal, with the European Automobile Manufactur­ers’ Associatio­n calling it “a one-way street’ for Japanese cars. (AFP)

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