Japan and the European Union have officially signed an outline free-trade agreement.
The deal opens the door for the trade of goods without tariff barriers between these two world’s largest economic areas.
Although, some certain information is known and a full, workable details may take some time to materialize.
The EU and Japan have agreed on two separate deals for the price of one: a complementary “Strategic Partnership” and a trade relationship deal. One that will build a vital open-trading economic bloc, the second deal will cement a cooperative understanding in other areas such as solving the climate change.
An Economic Message To The World
This deal is a message to the international community that the two highly-developed democratic power houses are more united to a free=trading, liberal cause, rule-based world and they will continue to pursue a healthy relationship even if the US doesn’t agree.
The European Council president, Mr Donald Tusk, said in his statement that the agreement shows that the EU’s is committed to world trade: “We achieved our Goal. We successfully agreed on the EU-Japan trade and political talks. The European Union will always reach out to the world at all possible cause.”
The EU President also said the new deal caters for all argument place forward by a number of parties in favour of Brexit that says the European Union doesn’t promote free trade: “however few believe that the time of disintegration and isolation is not far ahead, but right now we are demonstrating the opposite.”
However, after the agreement is completely signed, the deal may have in place a longer transition clause duration of 15 years to give more room for sectors in both nations, more time to cope with the new outside competition.