Decision of the EU Parliament: the EU and Japan form the largest free trade zone in the world

The largest free trade zone in the world, nothing stands in the way – the European Parliament has approved the free trade agreement between the EU and Japan. The deputies voted on Wednesday in Strasbourg by a large majority for the most comprehensive free trade agreements concluded by the EU. Thus, at the beginning of February of next year, eliminated much earlier than expected, the tariffs on more than 90 percent of EU exports to Japan.

Hendrik Kafsack

economic correspondent in Brussels.

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If the agreement is entered after a transition period in full force and effect, save by the exporters according to the European Commission, approximately € 1 billion in the year. Trade Commissioner Cecilia Malmström spoke of good news for supporters of an open world trade. The agreement will bring tangible benefits for businesses and farmers. Ensure that environmental and consumer standards, or workers rights to be restricted, were unfounded.

The Japanese Parliament had already voted on Saturday for the project. Japan is to the United States and China, the third largest economy in the world and therefore a very interesting market for European companies. Together, the EU and Japan have a total of around 635 million inhabitants and represent a third of the economic output of the world.