Wednesday, 27th March 2013
In Business In Japan,
Japan and EU to enter free trade talks
The European Union (EU) will begin talks with the Japanese government over a possible Free Trade Agreement (FTA) next month.
The talks will address goods, services and investments, eliminating tariffs and covering other related issues.
Japan is the EU's seventh largest trading partner globally and second in Asia after China, while the continent is Japan's third largest trading partner after their American and Chinese agreements.
UK minister for trade and investment Lord Green said that he welcomed the prospect of negotiations between the two economies.
He also commented that it could bring another €42 billion a year in GDP to the EU.
The peer also said that trade was a "key part of the government’s plan to rebalance the economy and support stronger growth" and that this reflected in their G8 presidency this year.
"This Free Trade Agreement will not only strengthen our relationship with a key ally in Asia but help boost our economic links with the wider region."
The first round of talks will be held later this year in Brussels from April 15th to 19th.
Related news stories:
EU woes erode Japanese growth (22nd August 2012)