David McNeill
Tokyo
Japan and the European Union have officially agreed one of history’s largest trade deals, in what will be seen as a calculated snub of Donald Trump’s protectionist policies.
Political leaders in Tokyo on Tuesday heralded the Economic Partnership Agreement, which will bind together two trading powerhouses accounting for 30 per cent of the world’s economy.
The deal, which is five years in the making, will virtually scrap import duties on Japanese goods into the EU, including machinery parts, tea and fish, when it takes effect by late 2019. A 10 per cent tariff on passenger cars will be abolished over seven years.
Europe successfully nudged Japan to face down its powerful farm lobby by cutting tariffs on imported wine, pork, cheese, chocolate and other food products. Japan will eliminate tariffs of more than €1 billion on about 94 per cent of European imports into the country before phasing them out almost entirely, said the European Commission.
Donald Tusk, president of the European Council, said the deal was a vote of confidence in the global order of rules-based free trade. “At a time when some are questioning this order, we are sending a clear message that we stand against protectionism.”
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