EU gives green light to Japanese trade deal
Parliament votes in favour of the agreement that binds two economies accounting for about a third of global GDP and signals their rejection of protectionism
EU and Japanese plans to form the world’s largest free-trade area cleared their final hurdle on Wednesday when EU legislators backed a partnership set to enter force early in 2019. The European parliament voted 474 to 156 for the agreement that binds two economies accounting for about a third of global GDP and signals their rejection of protectionism. Both face trade tension with Washington and remain subject to US tariffs imposed by President Donald Trump on imports of steel and aluminium, although the two have agreed to start separate trade talks with the US. “This will bring clear benefits to our companies, farmers, service providers and others,” said EU trade commissioner Cecilia Malmstrom. “Our economic partnership with Japan — the biggest trade zone ever negotiated — is now very close to becoming a reality.” Japan had been part of the 12-nation Trans-Pacific Partnership that Trump rejected on his first day in office, turning Tokyo’s focus to other potential partners, such as t...
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