EU sinks teeth into Japan: Brussels and Tokyo reach deal after ‘ironing out’ differences
THE European Union (EU) and Japan have reached an “agreement in principle” over a free trade deal which is expected to be officially endorsed at a summit on Thursday.
EU's Cecilia Malmstrom meets the Japanese Minister for Economy
The EU’s trade commissioner Cecilia Malmström tweeted: "We've reached political agreement at ministerial level on an EU-Japan trade deal. We now recommend to leaders to confirm this at summit.”
Ms Malmström, 49, had been holding talks in Brussels with Japan’s minister for foreign affairs Fumio Kishida, 59.
Speaking about the meeting, she said: “We ironed out the few remaining differences in the #EUJapan trade negotiations.”
Fumio Kishida (L) and Cecilia Malmström
Japanese prime minister Shinzo Abe is due in Brussels on Thursday to sign a political agreement with the heads of the main European Union political institutions.
While the fundamentals of the deal have been agreed, senior EU officials indicated that some minor details, as well as some legal technicalities, had to be finalised before a full treaty could be signed.
One senior European Union official said: “We agreed on almost everything that is important for either side.”
EU’s trade commissioner Cecilia Malmström and Japan's Fumio Kishida
The official said that EU food and drinks exporters would in time get almost completely tariff-free access to nearly all Japanese markets - a key European demand - and European carmakers would "not be disappointed" by a transition to ending tariffs on Japanese vehicle imports.
Carmakers' lobbies had sought at least a seven-year period before tariffs disappear.
Mr Kishida and Ms Malmström symbolised their agreement by painting the eyes of two daruma dolls.
Daruma dolls are a talisman of perseverance and good luck in Japanese culture.
The EU and Japan have agreed a free trade deal
Traditionally, the owner fills in one eye of the doll and makes a wish, then fills in the second one once the goal has been accomplished.
The EU currently has three active trade agreements that have been finalised but not yet fully ratified, including the controversial one with Canada, known as CETA, the Comprehensive and Economic Trade Agreement, where negotiations were concluded in September last year.
Also outstanding is the Interim Economic Partnership Agreement with the east African countries and one with Singapore.