BUSINESS EU, Japan welcome deal boosting trade between 2 world powers

BUSINESS

EU, Japan welcome deal boosting trade between 2 world powers

AP

18:49, February 01, 2019

The European Union and Japan have inaugurated a landmark deal they say will boost trade between the two economic powers and sends the message that international agreements still have a purpose in an age of increasing protectionism.

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President of the European Union Commission Jean-Claude Juncker speaks during a session of the parliament at the EU headquarters, in Brussels, on January 30, 2019. (Photos: VCG)

The agreement that comes into effect Friday will scrap nearly all tariffs on products both sides trade in. It will have a big impact on Japanese exports of cars to Europe and EU exports of agricultural products like cheese to Japan.

EU Commission President Jean-Claude Juncker said: "Europe and Japan are sending a message to the world about the future of open and fair trade."

The EU and Japan account for almost a third of the world's economy and the deal is on average expected to benefit their 635 million citizens.

Cover image: President of the European Union Commission Jean-Claude Juncker (L) speaks during a session of the parliament at the EU headquarters, in Brussels, on January 30, 2019. 

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