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EU, Japan sign free trade agreement covering 3rd of planet’s GDP

The EU and Japan have signed a mammoth free trade deal, creating the world’s biggest economic area, and the biggest trade agreement either has ever committed to.

The deal covers a 3rd of the world’s GDP and will act as a timely counterweight to Trump’s Tariffs on trade into the US which included 25% tariffs on Chinese goods worth over $34 billion.

The early winners of the trade deal are the Japanese car market with the new Japan-EU trade deal eliminating 10% car tariffs and 3% tariffs on car parts, whilst 30% duty on cheese and 15% on wine have also been cut. EU exporters will also be keen to exploit new markets within Japan too, with strong demand for high-quality cheese, chocolate, pasta and meats.

Of the deal, Japan prime minister Shinzo Abe noted that: “There are rising concerns about protectionism, but I want Japan and the EU to lead the world by bearing the flag of free trade.”

“We are sending a clear message that we stand against protectionism. The EU and Japan remain open for cooperation,” added Donald Tusk.

The post EU, Japan sign free trade agreement covering 3rd of planet’s GDP appeared first on Go Exporting.



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