EU, Japan conclude world's largest free trade deal

10:04 • 09.12.17



The European Union and Japan concluded negotiations on a free trade deal to create the world’s largest open economic area, signalling their rejection of the more protectionist stance of US President Donald Trump, Reuters reports.


The two parties, who agreed the outlines of a deal in July, said on Friday negotiators had now finished a legal text that would open up trade for economies making up about 30 percent of global output.


“Japan and the EU will join hands and build a free, fair and rule-based economic zone, which will be a model of an economic order in the international community in the 21st century,” Japanese Prime Minister Shinzo Abe told reporters.


Japan had been one of the signatories to the planned Trans-Pacific Partnership, a massive 12-nation trade alliance that Trump ditched on his first day in office. Abe said a “new era” would now start for the EU and Japan.


The deal, combining the 28-nation bloc and the world’s third largest economy, will remove EU tariffs of 10 percent tariffs on Japanese cars and the 3 percent rate typically applied to car parts.


For the EU, it will scrap Japanese duties of some 30 percent on EU cheese and 15 percent on wines as well as allowing it to increase its beef and pork exports and gain access to large public tenders in Japan.


“This is the biggest trade agreement we have ever negotiated for the European Union,” EU trade chief Cecilia Malmstrom said. “It sends a powerful message in defence of open trade based on global rules.”


In the past five months, negotiators worked on stabilising tariffs in services, regulatory cooperation and the means to protect food and drink categories so that, for example, only sparkling wines from a specific Italian region can be called prosecco.


Discussions will continue on the contentious issue of investor protection. Japan has been reluctant to adopt the investment court system the EU has devised as an answer to fierce criticism that disputes between foreign companies and states should not be settled by opaque tribunals.


“This needs further discussion at the beginning of next year but the rest of the agreement is there,” Malmstrom said, adding this element of the deal could be added on later.


The European Union is also hoping to seal free trade agreements with the Mexico and the Mercosur bloc of Argentina, Brazil, Paraguay and Uruguay. Talks on the latter will take place on the sidelines of a World Trade Organization meeting starting on Sunday.


“The fact that we manage to finalise this today when we and Japan go to Buenos Aires sends a powerful signal that we can make good trade agreements that are win-win,” she said.





Загрузка...

LATEST NEWSAll Today news

18:27 • 21/04

President Armen Sarkissian says ready to meet with opposition leader  

17:48 • 21/04

Queen Elizabeth marks 92nd birthday with gun salutes in central London and a party at the Royal Albert Hall

17:03 • 21/04

Turkish Foreign Ministry says US remarks on early polls 'unacceptable'

16:41 • 21/04

RFE/RL journalist attacked during protest In Armenia

15:45 • 21/04

Algerian woman denied French citizenship for refusing to shake man’s hand

15:30 • 21/04

Bako Sahakyan issues 'call for unity' amid opposition protests in Armenia

15:21 • 21/04

‘Smallville’ actress arrested in self-help guru's NY sex traffic case

14:49 • 21/04

Serj Tankian: This movement is authentic and completely yours (video)

13:10 • 21/04

Serzh Sargsyan calls for urgent political dialogue 'to avoid irreversible losses’

12:41 • 21/04

Armenian opposition leader’s calls ‘unconstitutional’ – Russian analyst

11:24 • 21/04

Opposition rally: Day 9 (updated)

11:02 • 21/04

Saakashvili issues call for ‘urgent dialogue’ between Armenian authorities and oppositon

10:24 • 21/04

EU leaders issue congratulations to Serzh Sargsyan

10:00 • 21/04

US Democrats sue Trump, Russia and Wikileaks

09:37 • 21/04

North Korea 'halts missile and nuclear tests', says Kim Jong-un

09:26 • 21/04

North Korea 'halts missile and nuclear tests', says Kim Jong-un

18:11 • 20/04

Paylan calls on Turkish government to recognize Genocide  

17:19 • 20/04

Armenian president re-appoints more ministers

17:00 • 20/04

Bentley launches official representation in Armenia

16:12 • 20/04

This is a ‘revolution of technologies’ - Alexander Iskandaryan  

15:38 • 20/04

Budget 6.1-inch LCD iPhone lineup could start at $550

15:13 • 20/04

Ratification of EU-Armenia deal ‘unrelated to domestic political developments ’ – parliament official

13:34 • 20/04

US concerned about Turkey’s ability to hold transparent election

12:56 • 20/04

Ariana Grande unveils 'emotional single'

12:31 • 20/04

More protesters arrested as opposition rally continues

11:56 • 20/04

Police issue fresh warnings to participants of opposition rally

11:39 • 20/04

Turkish parliament committee ratifies election bill

11:23 • 20/04

Yerevan protests: Police continue arresting activists

10:39 • 20/04

Opposition rally: Day 8 (updated, photos)

10:29 • 20/04

OSCE/ODIHR Director urges Armenian authorities to protect and ensure right to freedom of peaceful assembly

10:09 • 20/04

Zhoghovurd: Foreign leaders do not make haste to issue congratulations to Armenian premier

09:35 • 20/04

Syria returns Assad award to France

09:15 • 20/04

Berlin set for mass evacuation as WW2 bomb is defused

17:55 • 19/04

Couple’s wedding reception goes up in flames when fireworks set the ceiling display alight and 300 guests have to flee the burning building

17:41 • 19/04

Young Armenian sambo athletes win 11 medals in European championship (photos)

17:04 • 19/04

Trump delivers Tribute to Barbara Bush in press conference speech

16:47 • 19/04

Robots master task of assembling Ikea chair  

16:12 • 19/04

Armenian president re-appoints three cabinet ministers

15:51 • 19/04

Medvedev congratulates Serzh Sargsyan on being appointed prime minister

14:56 • 19/04

Hollywood Studio chiefs hail opening of Saudi Arabia's first cinema

13:43 • 19/04

Latvian parliament ratifies EU-Armenia agreement

12:54 • 19/04

Syria crisis: Unexploded missiles ‘handed over to Russia’

12:46 • 19/04

Magnitude 5.9 earthquake strikes Bushehr Province 

12:14 • 19/04

Yerevan protests: Police urge journalists 'to keep reasonable distance’

11:55 • 19/04

2017 was unique year ‘without public protests’ in Armenia – Serzh Sargsyan

11:00 • 19/04

Glendale City Council approves Armenian American Museum project

10:49 • 19/04

2 killed, over 300 buildings damaged in Indonesia earthquake

10:05 • 19/04

Armenian opposition continues rally against prime minister (updated)

09:20 • 19/04

Top Japan official resigns over sex scandal

18:05 • 18/04

Russia vows ‘painful response’ to US sanctions

17:57 • 18/04

Turkey: Erdogan calls snap elections

17:36 • 18/04

Karen Karapetyan appointed Vice Premier

17:07 • 18/04

Azerbaijan not to use Russian missile system sold to Turkey – expert

16:34 • 18/04

Russia Today to face investigations over spy poisoning case

16:12 • 18/04

Iceland's Bitcoin heist suspect 'flees on PM's plane'

15:57 • 18/04

Run-away Dubai princes ‘brought back home’

15:52 • 18/04

Mexican mother-of-two, 43, named woman who was killed after being sucked out of Southwest 737 jet window after engine explosion

15:28 • 18/04

Facebook seeks facial recognition consent for European and Canadian users

14:08 • 18/04

Armenia will need extra aid in case of Azerbaijan-Belarus weapons trading – expert

13:18 • 18/04

Azerbaijani journalist wanted by Baku leaves Ukraine after months of uncertainty

12:52 • 18/04

Education Ministry urges political parties to avoid 'attracting teenagers to mass protests’

12:15 • 18/04

Opposition rally: Day 6 (photos, updated)

11:40 • 18/04

Zhoghovurd: Deepening West-Russia conflict to affect also Armenia

10:41 • 18/04

Israel conferred with US on anti-Syria strike

10:19 • 18/04

Yerevan protests: US Department of State urges for peace      

09:46 • 18/04

Artsakh serviceman fatally wounded in landmine explosion  

09:30 • 18/04

Syria 'chemical attack': Investigators await UN green light on Douma

18:28 • 17/04

Armen Sarkissian signs decree to appoint Serzh Sargsyan Prime Pinister

18:08 • 17/04

Prince William reveals he's a fan of NANDO'S after being introduced to the chain by one of his detectives as he gives a speech at a Commonwealth forum

17:14 • 17/04

Serzh Sargsyan elected Prime Minister of Armenia

16:46 • 17/04

Entrepreneur is raped and tortured in Russian jail, suffering a broken spine, electric shocks and stab wounds

15:32 • 17/04

More than 4,000 Emiratis seek to become UAE's first astronaut

14:53 • 17/04

Macron: EU in 'civil war' over democracy

14:08 • 17/04

Turkish court rules to keep US pastor in jail

13:49 • 17/04

Medieval Armenian cathedral to be reconstructed in eastern Turkey

12:52 • 17/04

Zhamanak: Kyrgyzstan’s membership in EEU to reduce privileges for Armenia

12:37 • 17/04

Hraparak: AUA encourages students’ attendance at public rallies

12:09 • 17/04

Armenian parliament opens special session to elect Prime Minister (updates)

11:47 • 17/04

Ombudsman's Office warns against excessive actions in public protests

11:01 • 17/04

Police sanction measures to disperse opposition rally in Yerevan

10:48 • 17/04

Legislative Armenian Caucus introduces Genocide resolution

10:13 • 17/04

Opposition rally: Day 5 (photos, updates)

09:33 • 17/04

Canada recalls diplomats’ families from Cuba

09:14 • 17/04

Syria: Chemical inspectors to be allowed in Douma

18:51 • 16/04

Fitch Affirms Ardshinbank's Ratings

17:28 • 16/04

'It's no secret that they despise each other!' Ex-security guard for Church of Scientology reveals bitter rivalry between Tom Cruise and John Travolta

17:15 • 16/04

Turkey-Russia ties too strong to be broken by France: Chavushoglu

16:59 • 16/04

Conchita Wurst reveals HIV diagnosis

16:49 • 16/04

Whitbread shares soar as activist investor builds stake

16:39 • 16/04

Police urge opposition to end rally, threatening 'use of force'

16:27 • 16/04

Iran bans foreign social media in schools

16:16 • 16/04

Armenian private reported killed in Nagorno-Karabakh

15:43 • 16/04

Parliamentary coalition unanimously nominates Serzh Sargsyan for prime minister

15:17 • 16/04

Trump sends campaign email saying Melania is his 'rock and foundation' amid the Stormy Daniels scandal

14:58 • 16/04

Trump 'morally unfit' to be president, says former FBI director  

14:50 • 16/04

UK satellite makes HD movies of earth

14:20 • 16/04

We expect Serzh Sargsyan to ‘complete reforms undertaken’ – ARF-D member  

13:45 • 16/04

Russian reinforcements head for Syria: Warships sail towards the Middle East as the world awaits Putin's response to airstrikes

13:13 • 16/04

Serzh Sargsyan: I will devote my time to sharing experience 'if appointed prime minister'

11:08 • 16/04

Trump defends use of ‘Mission Accomplished,’ extends sanctions