Member of the European Parliament Marietje Schaake welcomes the political agreement that was reached between the EU and Japan to close a trade deal. The text is mostly finished, but on some parts, details still need to be worked out. Tomorrow, political leaders will confirm the agreement at a joint summit. Schaake: "A trade agreement with our second biggest trading partner in Asia offers economic benefits and is of crucial strategic importance, especially given Trumps protectionism. Together, the EU and Japan must protect the free world economy. With a trade agreement we can lay down the rules of the road to do that."
Earlier this year, Trump cancelled the trade agreement that the US had closed with a number of Asian countries, including Japan. Schaake: "Japan, as a neighbour to unpredictable China, is looking for stable democratic allies with which it can strengthen its economic cooperation. Together with japan, the EU can counterbalance Trump's protectionism and China's cynical mercantilism. With a trade agreement between our economies, we can set a standard that others must follow."
The EU and Japan together comprise a third of the global economy, every year, the EU sells 76 billion in goods and services to Japan. Schaake: "Removing tariffs and bureaucratic hurdles makes it cheaper and easier to access the Japanese market, especially for European SMEs. The economic growth that this will bring is very welcome. That does not mean that we will lower standards. Especially with Japan, with which we share values, we can easily make sure that we achieve high standards on food safety, workers' rights and sustainability"