Japan and the EU have signed the world’s largest bilateral trade pact in a move that runs against the spread of protectionism and the “increasing darkness” of international politics.
The deal, signed yesterday, creates a trade zone covering about a third of global gross domestic product. It comes as trade war tension between Washington and Beijing escalates and alliances appear under threat from Donald Trump’s “America First” rhetoric.
The agreement, which involved significant concessions on both sides, will reduce heavy Japanese tariffs on European wine, cheese and other foods and lift EU tariffs on Japanese cars and parts. It must be approved by the European and Japanese parliaments before it can pass into law.
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