EU and Japan free trade deal covers 600 million people

Japan and the European Union have finalized a huge free trade deal that covers 600 million people and almost a third ...

Posted: Dec 8, 2017 12:37 PM
Updated: Dec 8, 2017 12:37 PM

Japan and the European Union have finalized a huge free trade deal that covers 600 million people and almost a third of the global economy.

The Economic Partnership Agreement, which has been in the works since 2011, will remove tariffs on almost all European exports, including cheese and wine. Japanese automakers and electronics firms will face fewer barriers in the EU.

Japan and the EU traded roughly $140 billion of goods last year, according to EU data.

The EU said the agreement, which won preliminary approval in July, will help support more than 600,000 jobs in the bloc that are tied to exports to Japan. Another half a million EU workers are employed by Japanese companies.

Related: Japan and Europe are racing to agree a big free trade deal

The push by Japan and the EU to remove trade barriers stands in stark contrast to the approach taken by President Trump, who pulled the U.S. out of the Trans-Pacific Partnership (TPP) at the start of his presidency.

The European Commission said that the deal "demonstrates the powerful political will of Japan and the EU to continue to keep the flag of free trade waving high."

"We are sending a message to other countries about the importance of free and fair trade, and of shaping globalization," Cecilia Malmstr-m, Europe's top trade official, said in a statement.

The deal must be signed off by individual EU countries before it is implemented.

Closer ties between Europe and the world's No.3 economy could make it harder for U.S. businesses to compete with global rivals, especially when it comes to selling agricultural products such as pork to Japan.

After quitting the TPP, the U.S. showed interest in reaching a separate free trade deal with Japan. The two sides held talks in April, but those have since taken a back seat to Trump's push to renegotiate NAFTA with Mexico and Canada.

Oregon Coronavirus Cases

Data is updated nightly.

Cases: 132412

Reported Deaths: 1799
CountyCasesDeaths
Multnomah28237458
Washington18512171
Marion16085238
Clackamas11577138
Lane8219108
Jackson686284
Umatilla670968
Deschutes490736
Yamhill316245
Malheur312452
Linn310246
Klamath242238
Polk241340
Josephine170633
Jefferson168725
Benton168414
Douglas166643
Union110416
Wasco106323
Columbia103318
Lincoln98517
Hood River94821
Coos93315
Morrow92710
Clatsop6695
Crook60410
Baker5665
Tillamook3622
Curry3185
Lake2295
Grant2131
Harney1734
Wallowa963
Gilliam481
Sherman470
Wheeler201
Unassigned00
Eugene
Mostly Cloudy
55° wxIcon
Hi: 53° Lo: 43°
Feels Like: 55°
Corvallis
Partly Cloudy
55° wxIcon
Hi: 53° Lo: 43°
Feels Like: 55°
Roseburg
Partly Cloudy
53° wxIcon
Hi: 55° Lo: 40°
Feels Like: 53°
North Bend
Partly Cloudy
54° wxIcon
Hi: 55° Lo: 45°
Feels Like: 54°
KEZI Radar
KEZI Temperatures
KEZI Planner

LATEST FORECAST

Community Events