Today the EU-Japan trade deal comes into effect making it the biggest free trading block in the world:
https://www.ft.com/content/a72d4672-...6-5db4543da632
Quote:
With the US and China remaining locked in a dispute over tariffs, European and Japanese consumers have begun reaping the benefits of the largest bilateral trade deal.
The pact sweeps away almost all tariffs between economies representing close to 30 per cent of global gross domestic product. In Tokyo the impact will be immediate: the price of French and Italian wines at Meidi-ya supermarket will fall by 10 per cent or more on Friday, when the agreement comes into force.
The trade deal, dubbed “cars for cheese” because of business opportunities for Japanese carmakers and EU farmers, means European exporters alone will save around €1bn in duties a year. As well as tariffs being removed, regulatory barriers to trade will be smoothed away and markets in public procurement opened up.
|