Anonymous ID: 69b423 Feb. 1, 2019, 9:05 p.m. No.4997780   ๐Ÿ—„๏ธ.is ๐Ÿ”—kun   >>8092 >>8287

Japan-EU EPA comes into force

 

An economic partnership agreement between Japan and the European Union came into force on Friday, creating a huge free trade area with a total population of about 640 million people and accounting for about 30 percent of the worldโ€™s gross domestic product.

 

As trade tensions between the United States and China continue to negatively impact the global economy, the landmark Japan-EU agreement demonstrates to the world the importance of free trade.

 

This major economic partnership agreement came into effect on the heels of the Trans-Pacific Partnership that came into force among 11 nations, including Japan, Australia and Canada, in December. The Japanese government estimates these two trade deals will lift the nationโ€™s real gross domestic product by about 2.5 percent (about ยฅ13 trillion) and create about 750,000 new jobs.

 

Japan and the European Union are each preparing to launch full-scale negotiations on trade deals with the United States and hope their EPA will give them a stronger hand in those talks.

 

The Japan-EU trade deal means that U.S. exports of agricultural products and other goods to Japan will be at a disadvantage compared with EU goods due to tariffs and other reasons. The Japanese government wants to use the EU deal and the TPP to its advantage in trade negotiations with the administration of U.S. President Donald Trump.

 

The government also plans to accelerate negotiations on a Regional Comprehensive Economic Partnership in East Asia that would encompass 16 nations including China, South Korea and members of the Association of Southeast Asian Nations. The government hopes to conclude this agreement this year.

 

http://the-japan-news.com/news/article/0005517980