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Japan: Abe, EU leaders sign world's largest bilateral trade agreement03:17

Japan: Abe, EU leaders sign world's largest bilateral trade agreement

Japan, Tokyo
July 17, 2018 at 21:07 GMT +00:00 · Published

Japanese President Shinzo Abe appeared alongside European Council President Donald Tusk and European Commission President Jean-Claude Juncker to sign the world's largest bilateral free trade agreement and give a press conference in Tokyo on Tuesday.

Tusk hailed the agreement and praised it as "light in the increasing darkness of international politics" and that "political uncertainty, tariff wars, aggressive rhetoric, unpredictability, irresponsibility - they are a real risk for our businesses, not trade agreements" appearing to hint at the ongoing trade disputes between US President Donald Trump and the European Union, Canada, and other countries.

Juncker similarly said that "there is no protection in protectionism, and there is no unity when there is unilateralism," and added that both the EU and Japan "have taken our time to make sure that any agreement is fair and benefits all sides."

According to reports, once the deal goes through approximately 99% of tariffs on Japanese goods will be eliminated after the 8th year of implementation. Similarly, European goods, such as wines, pharmaceuticals, and agricultural products will be available at lower prices for Japanese consumers.

Video courtesy: EBS

Japan: Abe, EU leaders sign world's largest bilateral trade agreement03:17
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video courtesy: ebs

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Japanese President Shinzo Abe appeared alongside European Council President Donald Tusk and European Commission President Jean-Claude Juncker to sign the world's largest bilateral free trade agreement and give a press conference in Tokyo on Tuesday.

Tusk hailed the agreement and praised it as "light in the increasing darkness of international politics" and that "political uncertainty, tariff wars, aggressive rhetoric, unpredictability, irresponsibility - they are a real risk for our businesses, not trade agreements" appearing to hint at the ongoing trade disputes between US President Donald Trump and the European Union, Canada, and other countries.

Juncker similarly said that "there is no protection in protectionism, and there is no unity when there is unilateralism," and added that both the EU and Japan "have taken our time to make sure that any agreement is fair and benefits all sides."

According to reports, once the deal goes through approximately 99% of tariffs on Japanese goods will be eliminated after the 8th year of implementation. Similarly, European goods, such as wines, pharmaceuticals, and agricultural products will be available at lower prices for Japanese consumers.

Video courtesy: EBS

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