A historic deal on a free trade agreement has been signed between the European Union and Japan which covers almost a third of the world’s GDP and 600 million people.
This deal enables a free open trade zone of exports and imports between the EU and Japan, resulting in the removal of barriers and tariffs. With dairy products being one of the largest exports from the EU to Japan, and cars being Japan’s largest, this deal makes life a lot easier.
As stated by the head of EU Commissions Jean-Claude Juncker, the deal illustrates a “win-win” solution for both parties. As well as a win-win situation, it will introduce hundreds of new jobs and an increase in GDP for the EU and Japan.
With so many benefits coming out of a free trade agreement, it is confusing as to why the US President Donald Trump pulled out of a similar trade deal with Japan a few months earlier. However, with Trump’s policy of “America First” becoming evidently noticeable in all his actions, it should now ultimately come as no surprise.
Both the EU and Japan state that this is much more than a trade agreement, but an action to nudge future deals in the direction of not only free trade, but fair trade.
#Peace.Love.FreeTrade
