By Martin Gøttske
After four years of talks, Japan and the European Union sealed a free trade agreement that is seen as a sign of their joint efforts to promote an open economy.
The deal will form a market of nearly 640 million people and account for nearly one-third of the global economy.
The Japan-EU deal is expected to spur trade and investment by removing or lowering tariffs on a broad range of products, including farm and industrial products, while it is also to set common trade rules. Furthermore, the new pact will represent a crucial part of Japanese Prime Minister Shinzo Abe’s growth strategy to tap into growing overseas markets to offset a drop in domestic demand in the long term amid the country’s declining population.
The Japan Times: