European member states have given the go-ahead for a free trade deal with Japan, the world's third-largest economy. The deal will be the biggest free trade accord ever signed by the European Union. The agreement will unite around 600 million people,
representing about one-third of global trade.
EU officials said the accord would lead to the removal of all but a handful of tariffs between the two sides and aimed to boost economic growth and job creation.
The deal, which comes at a time when US President Donald Trump is spearheading an "America first" agenda, "sends a very powerful signal against protectionism.
The US had imposed higher tariffs on steel and aluminum imports. Washington is now mulling a similar move for the automotive sector, with the EU and Japan to suffer considerably from higher duties on cars.
EU member states also approved the signature of a strategic partnership agreement with Japan to boost cooperation in a range of areas including security, defense against cybercrime, energy and climate change mitigation.
Japan's economy meanwhile has recorderd its longest uninterrupted growth since 1994.
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Endy Edeson
yemisi, it means agreement confers favored trading status between two nations. By giving them access to each other's markets. it eliminates tariffs and other trade taxes. This gives companies within both countries a price advantage. It works best when each country specializes in different industries. The country's consumers also benefit by lower costs. They can get exotic products that are two expensive without the agreement.
Endy Edeson
aKEEM, I know he won't be happy about this. Japan wouldn't mind boycotting US in some of its trade deals if the tariffs are high provided they have favourable trade deal with EU