Juncker, who has served as President of the European Commission since 2014, hailed the deal as not just a tool to boost the European and Japanese economies, but a renewed commitment to cooperative trade arrangements.
The EU-Japan deal will send a "strong signal to the world" against United States protectionism, EU Trade Commissioner Cecilia Malmstrom said recently.
"We are sending a strong signal to the world that two of its biggest economies still believe in open trade, opposing both unilateralism and protectionism", said EUCommissioner for Trade Cecilia Malmström. "We are predictable, responsible, and will continue defending a world order based on rules, freedom and transparency and common sense".
The vast majority of €1 billion ($1.17 billion) worth of tariffs paid annually by European Union companies exporting to Japan and a number of longstanding regulatory barriers will be lifted thanks to the agreement.
Europe's food sector is one of the biggest winners from the deal, which should allow it to capitalise on Japanese demand for high-quality cheese, chocolates, meats and pasta.
"The economic benefits of this agreement are clear". This has the effect of creating documents which appear to very much embrace free trade but which in reality do not significantly change realities for either trading partner.
The trade pact would eliminate about 99% of the tariffs on Japanese products sold in the EU, while 94% of tariffs on European exports to Japan will be scrapped initially, before expanding to 99%, reported AP.Читайте также: Bristol Palin to Join Cast of MTV's 'Teen Mom'
European exporters to Japan will see the vast majority of one billion euros (US$1.2 billion) of duties they pay annually removed, benefitting producers of cheese, wine, beef and pork, according to the European Commission.
Under the trade agreement, the European Union will open its market to Japan's auto industry, with Tokyo in return scrapping barriers to European Union farming products, especially dairy.
In an unmistakable swipe at Mr Trump, Donald Tusk, the President of the European Council, said: "We are putting in place".
The US this month imposed 25 percent tariffs on $34bn of Chinese goods to lower the US trade deficit, and China quickly retaliated with an increase in tariffs on US goods. China responded with retaliatory tariffs, prompting the USA administration to propose on July 16 an additional 10 percent levy on $200 billion worth of Chinese exports. The European Commission has proposed ways to address US concerns over the functioning of the WTO, according to an internal memo drafted by the EU's executive arm and seen by Bloomberg. It will eliminate tariffs on Japan's mainstay products of automobiles in the eighth year and TVs in the sixth year following the pact's implementation.
Japan and the European Union also agreed yesterday to establish a regular dialogue on trade and economic policy, with the first meeting to be held before year's end. They agreed to recognize each other's data protection systems as "equivalent".
After the turmoil of Trump in Brussels, EU leaders are in China and Japan today and tomorrow for two important summits, a sign that Europe is looking to Asia, writes Fraser Cameron.
As things stand, the Philippines could be the most at risk nation in Southeast Asia from the worsening trade conflict between the United States and China.При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
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