Published On: Tue, Jul 17th, 2018

EU inks free trade deal with Japan

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At the junction of the history when the world is overtly obsessed with the anti-globalisation economic concept of protectionism, the European Union, one of the most vocal supporters of the free trade, liberal economy and globalisation, has inked the world’s biggest intercontinental free trade deal with Japan, the powerful Asian economy which is also the dedicated supporter of the concept of open economy.

Expert says that the new free trade agreement would benefit both European Union and Japan equally. Dairy products are the prime product exported to Japan by the EU, while cars are the prime product exported to the EU by Japan. The expert adds that in the coming days, a significant boot might be seen in both of these sectors in the coming days.

Those played a vital role in reaching a deal claim that the deal would give a clear message to those advocating against the ‘win-win’ economic policy of globalisation.

Before the induction of Donald Trump as the US President, the United States was trying to reach such a deal with Japan. But, after Mr Trump’s inauguration, the US president stopped all initiatives towards such a deal. Moreover, Mr Trump imposed trade tariffs to certain goods which Japan exports to the US.

Will the EU’s move prompt the US president to rethink?

 

Vignesh. S. G

Photo Courtesy: Google/ images are subject to copyright 

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EU inks free trade deal with Japan