Society

Japan-EU free trade deal signed

Jul 18 (NHK) - Japan and the European Union have signed a free trade deal in Tokyo after years of negotiations. The economic partnership agreement covers about 40 percent of the world's trade and 30 percent of its gross domestic product. The EPA calls for Japan and the EU to remove tariffs on most of each other's goods in phases.

Japan's Prime Minister Shinzo Abe attended a signing ceremony on Tuesday afternoon with visiting European Council President Donald Tusk and European Commission President Jean-Claude Juncker.

The deal requires Japan to remove tariffs on 94 percent of products imported from the EU, while the bloc must end levies on 99 percent of Japanese goods.

The 2 sides are aiming for early implementation of the pact once they obtain parliamentary approval.

At a joint news conference after the signing ceremony, Abe stressed the deal's significance.

He said the signing clearly shows their unwavering political will to lead the world in free trade amid the spread of protectionism.

Source: ANNnewsCH

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