Japan and EU sign historic trade deal
NEARLY ALL TARIFFS SET TO GO
THE European Union and Japan are signing a widespread trade deal that will eliminate nearly all tariffs, seemingly defying worries over trade tensions triggered by Donald Trump’s policies.
The deal will be signed in Tokyo, although the agreement was struck late last year.
European Council president Donald
Tusk and European Commission president Jean-Claude Juncker will also attend a gala dinner with Japanese prime minister Shinzo Abe tonight.
The deal was delayed from earlier this month because Mr Abe cancelled going to Brussels over a disaster in Japan caused by extremely heavy rainfall.
The deal covers a third of the global economy and more than 600 million people.
Prices of European wine and pork will fall for Japanese consumers, while Japanese machinery parts, tea and fish will be cheaper for Europe. The deal eliminates about 99% of the tariffs on Japanese goods to the EU, but remaining at around 94% for European imports into Japan for now and rising to 99% over the years. The timing of the signing is striking as China and the US are embroiled in trade conflicts.