Can UK alone do better? EU, Japan sign biggest trade deal (Newcastle upon Tyne Liberal Democrats)
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Can UK alone do better? EU, Japan sign biggest trade deal

July 18, 2018 7:42 AM

Not much reported by our newspapers, Japan has signed a mammoth trade deal with the European Union. See story here https://www.irishtimes.com/business/economy/eu-and-japan-sign-one-of-history-s-largest-trade-deals-1.3567791

The Irish Times says that the economic partnership agreement will bind together two trading powerhouses accounting for 30 per cent of the world's economy.

The deal, which is five years in the making, will virtually scrap import duties on Japanese goods into the EU, including machinery parts, tea and fish, when it takes effect by late 2019. A 10 per cent tariff on passenger cars will be abolished over seven years.

Europe successfully nudged Japan to face down its powerful farm lobby by cutting tariffs on imported wine, pork, cheese, chocolate and other food products. Japan will eliminate tariffs of more than €1 billion on about 94 per cent of European imports into the country before phasing them out almost entirely, said the European Commission.