Japan, EU agree to free trade talks
Source: Agencies |
March 26, 2013, Tuesday
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JAPAN and the European Union agreed yesterday to start negotiations for a free trade pact encompassing nations that account for nearly a third of the world economy.
Japanese Prime Minister Shinzo Abe, European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso spoke by telephone for 30 minutes late yesterday, a Japanese government spokesman said.
The leaders agreed to launch the negotiations toward a "deep and comprehensive" free trade deal, with the first meeting set for next month, both sides said in a statement. The place for that meeting is not yet decided, Deputy Chief Cabinet Secretary Katsunobu Kato told reporters.
As global momentum builds for regional trade pacts, Japan has been eager to get started on talks with Europe. Earlier this month, Abe announced Tokyo will join talks on a Pacific trade pact, the US-led Trans-Pacific Partnership. The US and EU announced free trade talks earlier this year aimed at creating the world's largest free trade zone.
European Trade Commissioner Karel De Gucht met with Japanese government and business officials in Tokyo.
Although resistance to lower tariffs is high in some Japanese industries, such as long-protected rice farmers, manufacturers and others are concerned about being left behind by the trade agreements that other countries are negotiating.
Among the likely beneficiaries of free trade are Japan's giant manufacturing exporters such as Toyota Motor Corp, the world's biggest automaker.
Japanese consumers may also have much to gain with access to cheaper imports, including new kinds of services. And boosts in spending may help breathe life into the Japanese economy, the world's third largest.
The push for free trade deals is part of the Japanese prime minister's "Abenomics" strategy.
Japanese Prime Minister Shinzo Abe, European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso spoke by telephone for 30 minutes late yesterday, a Japanese government spokesman said.
The leaders agreed to launch the negotiations toward a "deep and comprehensive" free trade deal, with the first meeting set for next month, both sides said in a statement. The place for that meeting is not yet decided, Deputy Chief Cabinet Secretary Katsunobu Kato told reporters.
As global momentum builds for regional trade pacts, Japan has been eager to get started on talks with Europe. Earlier this month, Abe announced Tokyo will join talks on a Pacific trade pact, the US-led Trans-Pacific Partnership. The US and EU announced free trade talks earlier this year aimed at creating the world's largest free trade zone.
European Trade Commissioner Karel De Gucht met with Japanese government and business officials in Tokyo.
Although resistance to lower tariffs is high in some Japanese industries, such as long-protected rice farmers, manufacturers and others are concerned about being left behind by the trade agreements that other countries are negotiating.
Among the likely beneficiaries of free trade are Japan's giant manufacturing exporters such as Toyota Motor Corp, the world's biggest automaker.
Japanese consumers may also have much to gain with access to cheaper imports, including new kinds of services. And boosts in spending may help breathe life into the Japanese economy, the world's third largest.
The push for free trade deals is part of the Japanese prime minister's "Abenomics" strategy.
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