Deals of Free Trade between Japan and the European Union
In an age of an integrated economy, a new measure has been made in order to further bridge the gap of global markets. This time such measures were pursued by Japan and the European Union, further accentuating the necessity of free trade and an integrated economy.
In a joint statement released by the Prime Minister of Japan, Shinzo Abe, and the President of the European Union’s executive arm, Jean Claude Junker , it was explicitly stated that this highly progressive free trade deal “ demonstrates the powerful political will of Japan and the E.U. to continue to keep the flag of free trade waving high.”
One of the main aspects of the deal is to confirm the commitment of both Japan and the European Union to uphold the Paris climate accord, despite President Trump’s controversial decision to withdraw from it.
For Japan, this is a prominent mark of a new era. Japan has always been a proud exporter of cars and other electronic merchandise. However, engaging in trade deals is not a significant part of her history.
The European Union and Japan, together, are producers of economic output worth around $20 trillion.
The deal will benefit European producers of cheese, beef, wine and processed meat as they can readily sell their goods to Japan. Additionally, the Japanese car market will bolster due to increase in sales in Europe.