January 21, 2018

EU, Japan laud free trade deal as antidote to protectionism

07 July 2017, 01:00 | Kara Nash

EU Optimistic On Japanese Trade Talks

EU Japan get ready for free-trade deal

The European Union and Japan have agreed on a broad free trade deal, with their leaders shaking hands on it Thursday. Just look at our major competitor, Chile, which enjoyed significant increases in market share in Japan after the implementation of its free-trade agreement. "Also Japan will get access to the European vehicle market, as most of the tariffs that are now in place for Japanese cars plays out in the next few years", Mr. Koutsomitis told Sputnik.

"There's no protection in protectionism", he quipped.

"That the world really doesn't need to go a hundred years back in time", Tusk said.

Furthermore, Japan is one of Ireland's top 10 goods export markets.

Currently, Japanese vehicle exports to the European Union carry a 10-percent tariff. For wine producers this means a saving of €134 million a year.

The agreement in principle covers most aspects of the Economic Partnership Agreement.

"I have constantly tried to explain the significance of the TPP to President Trump".

Japan is the third largest economy in the world and is Ireland's biggest trade partner in Asia after China and the largest source of FDI into Ireland from Asia.

In June, the Japanese Parliament passed a law that aims to address some of its dairy industry protections, which may make it easier to wrap up negotiations.

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"Both ideas are on the table".

Kishida told reporters he hoped the two sides could reach a "basic agreement" after failing to bridge differences blocking a proposed Economic Partnership Agreement last week.

The new deal was a clear sign that other parts of the world will continue to pursue a liberalizing trade agenda, even without the United States.

On the Japanese side, however, press secretary Norio Maruyama stressed that he was "not quite sure how long it will take".

However, Anton added: "Now, the issues come - as always - in the details". On pork there will be duty-free trade in processed meat and nearly duty-free trade for fresh meat.

Leaders also reflected on the political context, given the looming Brexit negotiations.

Powerful agricultural cooperatives and high subsidies have long shielded Japan's farmers from global competition, but Prime Minister Shinzō Abe used the Trans Pacific Partnership (TPP) negotiations as an excuse to liberalize the sector.

Tusk said that he fully supported Japan's call on the worldwide community to strengthen measures aimed at further restricting the transfer of relevant items and technologies, as well as funding, for North Korea's nuclear and ballistic missile programmes.

Malmstrom has been in Japan for talks with the Japanese Foreign Affairs and Agriculture ministers. In this regard we appeal for the early adoption of a new and comprehensive UN Security Council Resolution.

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