The EU plans to ratify its FTA with Japan on December 20

The EU plans to ratify its FTA with Japan on December 20

The European Union (EU) plans to ratify its Economic Partnership Agreement or Free Trade Agreement (FTA) with Japan on December 20, European Commission (EC) Vice President Jyrki Katainen said at a press conference on Thursday. Tokyo.

The European Parliament plans to approve the FTA on December 13, before the European Council adopts it seven days later, said Katainen, who defended the pact as an antidote to the trend of protectionism led by the administration of US President Donald Trump. .

"We have to use the political momentum now to (show that the agreement) is the most sustainable alternative, considering that China is a relatively closed economy and the United States is behaving as we all know," said Katainen at the hearing, picked up by the agency. local news Kyodo.

The EC vice-president said that the community area does not expect "to have any problem with the adoption of the agreement" and defended that "the EU and Japan are acting differently from the US".

The Japanese Prime Minister, Shinzo Abe, and the presidents of the European Commission (EC) and the European Council, Jean-Claude Juncker and Donald Tusk, respectively, signed on July 17 in the Japanese capital the Economic Partnership Agreement after five years of negotiations and gave way to national parliamentary procedures for ratification.

In the case of Japan, the Asian country plans to obtain the pertinent approval during the extraordinary session of the Parliament of December 10, collected the aforementioned media.

Once entered into force, the Economic Association Agreement will lead to the largest open economic zone in the world, since the Asian country and the EU bloc bring together 40% of global trade and 30% of the Gross Domestic Product worldwide.

The agreement will allow liberalization of 91% of imports from the EU to Japan and up to 99% when fully implemented, an economic activity that currently amounts to 86,000 million euros and generates 600,000 jobs in the Twenty-eight, according to data from the EC.

Japan is the second largest trading partner of the Twenty-eight in Asia after China, while the EU bloc is the third largest partner of the Asian country by trade volume after the United States and Beijing.


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