19:40 GMT +314 December 2018
Listen Live
    Officials sit as they attend an EU-Japan summit with EU Commission President, European Council and Japan's Prime Minister at the EU Headquarters in Brussels on March 21, 2017.

    Japan Ratifies Free Trade Deal With EU - Reports

    © AFP 2018 / JOHN THYS
    Asia & Pacific
    Get short URL
    0 0 0

    TOKYO (Sputnik) – The Japanese parliament ratified the EU-Japan Economic Partnership Agreement (EPA), opening the way for the creation of a free trade area covering around 30 percent of the global Gross Domestic Product (GDP), local media reported on Saturday.

    The deal was backed by the upper house of the Japanese parliament on Saturday after the lower house endorsed it in late November, the Kyodo news agency reported.

    The outlet noted that if the deal is ratified by the European Union by the end of the year as planned, it will be effective starting February.

    Under the deal, the European Union will abandon import tariffs on around 99 percent of Japanese goods, while Japan will abolish the duties on around 94 percent of EU imports, receiving access to cheaper EU goods, such as cheese, wine and pork, according to the outlet.

    Tokyo and Brussels engaged in negotiations on the EPA in 2013 and reached the agreement in July 2017.

    READ MORE: US Considers 'Trade Coalition' With EU, Japan to Confront China

    Related:

    Trump Seeks Congress Approval for Separate Trade Deals With Japan, EU, UK
    US Considers 'Trade Coalition' With EU, Japan to Confront China
    China Launches Anti-Dumping Probe Against Steel Imports From EU, Japan, S Korea
    'European Car Companies Could Lose Out From The EU-Japan Deal' - Economist
    EU-Japan Trade Deal May Impact UK's Post-Brexit Future - Scholar
    Tags:
    ratification, deal, free trade, EU, Japan
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik