STRASBOURG, France – The European Parliament on Wednesday approved an accord with Japan that has been dubbed the world’s biggest trade deal, covering economies that represent a third of the world’s GDP.
The agreement will go into effect in February next year and be seen as a victory for global commerce in the face of US President Donald Trump’s protectionism and Britain’s decision to leave the EU.
The European Parliament voted 474 to 156 in favour of the plan to bind the two economic powerhouses.
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EU Trade Commissioner Cecilia Malmstrom said in a statement: “This will bring clear benefits to our companies, farmers, service providers and others.
“Our economic partnership with Japan – the biggest trade zone ever negotiated – is now very close to becoming a reality.”
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This new agreement will remove EU tariffs of 10 percent on Japanese cars and 3 percent for most car parts.
It will cancel Japanese duties of around 30 per cent on EU cheese and 15 percent on wines. Additionally, it will open up EU access to public tenders in Japan.
–With input from agencies
