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EU parliament approves free trade accord with Japan

EU parliament approves free trade accord with Japan

Mubasher: The European Parliament on Wednesday gave its consent to a draft free-trade accord with Japan, which was dubbed as the largest bilateral trade deal by the European Union (EU).

Already approved by the EU governments and the Japanese parliament, lawmakers voted by 474 votes to 152 in favour of the deal.

The free-trade accord would remove virtually all tariffs between the two partners, eliminating 99% of the EU’s tariffs on Japanese goods and 97% of Japan’s levies on the bloc’s products.

Both sides would scrap all duties on industrial goods, with the EU gradually removing its 10% tariff on vehicles from the world’s third largest economy over seven years.

Around 30% duties would be removed on many cheese imports from the EU and 15% on wine shipments.

The bloc would also substantially ramp up its beef exports.

Moreover, the deal will open service markets, including in particular financial services, e-commerce and transport and public procurement, and reinforce regulatory cooperation.

“Almost five centuries after Europeans established the first trade ties with Japan, the entry into force of the EU-Japan Economic Partnership Agreement will bring our trade, political and strategic relationship to a whole new level,” the European Commission President Jean-Claude Juncker said.

“I praise the European Parliament for today's vote that reinforces Europe's unequivocal message: together with close partners and friends like Japan we will continue to defend open, win-win and rules-based trade,” Juncker added.

The Economic Partnership Agreement, which covers economies that account for a third of the global output and more than 630 million people, will take effect next February.

The partnership “will bring clear benefits to our companies, farmers, service providers and others,” EU Trade Commissioner Cecilia Malmstrom said.

The agreement was inked last year after EU and Japanese negotiators reached a breakthrough over food and auto shipments, which have been major hurdles since the talks started in 2013.