E.U. and Japan Reach Deal to Keep ‘Flag of Free Trade Waving High’
- 6 years ago
E.U. and Japan Reach Deal to Keep ‘Flag of Free Trade Waving High’
The deal is subject to ratification by lawmakers in Europe as well as Japan, but Mr. Abe and Mr. Juncker said
that they were confident that once in place, it would “deliver sustainable and inclusive economic growth, and spur job creation.”
“It sends a clear signal to the world that the E. U.
and Japan are committed to keeping the world economy working on the basis of free, open
and fair markets with clear and transparent rules fully respecting and enhancing our values, fighting the temptation of protectionism,” the leaders added.
The so-called economic partnership agreement, which would be one of the largest free
trade deals ever, “demonstrates the powerful political will of Japan and the E. U.
to continue to keep the flag of free trade waving high,” the Japanese prime minister, Shinzo Abe,
and the president of the European Union’s executive arm, Jean-Claude Juncker, said in a joint statement.
But completing a deal with the European Union became a more urgent priority for Tokyo after President Trump’s
decision in January to withdraw the United States from another agreement, the Trans-Pacific Partnership.
The European Union and Japan said on Friday that they had finalized a sweeping deal
that would create a free trade area covering more than a quarter of the world’s economy, pushing against rising calls for protectionism in much of the West.
The deal is subject to ratification by lawmakers in Europe as well as Japan, but Mr. Abe and Mr. Juncker said
that they were confident that once in place, it would “deliver sustainable and inclusive economic growth, and spur job creation.”
“It sends a clear signal to the world that the E. U.
and Japan are committed to keeping the world economy working on the basis of free, open
and fair markets with clear and transparent rules fully respecting and enhancing our values, fighting the temptation of protectionism,” the leaders added.
The so-called economic partnership agreement, which would be one of the largest free
trade deals ever, “demonstrates the powerful political will of Japan and the E. U.
to continue to keep the flag of free trade waving high,” the Japanese prime minister, Shinzo Abe,
and the president of the European Union’s executive arm, Jean-Claude Juncker, said in a joint statement.
But completing a deal with the European Union became a more urgent priority for Tokyo after President Trump’s
decision in January to withdraw the United States from another agreement, the Trans-Pacific Partnership.
The European Union and Japan said on Friday that they had finalized a sweeping deal
that would create a free trade area covering more than a quarter of the world’s economy, pushing against rising calls for protectionism in much of the West.