Japan and the European Union are nearing a wide-ranging free trade agreement that could help blunt the forces of protectionism sparked by US President Donald Trump's trade policy.
EU Trade Commissioner Cecilia Malmstrom said she was "quite confident" that a broad agreement can be announced at a summit on July 6 with Japanese Prime Minister Shinzo Abe as both sides finalize the reduction of tariffs on autos and agricultural goods.
European Commissioner for Trade Cecilia Malmstrom (L) and Japanese Foreign Minister Fumio Kishida (2nd R) attend their meeting as a part of the Japan-EU Economic Partnership Agreement negotiations at Iikura guest house in Tokyo, Japan on June 30, 2017. /Reuters Photo
Striking a deal could offer both Japan and Europe more direct benefits in future trade cooperation, and pause challenges for Washington's influence on global economy.
"You can do good, fair, transparent and sustainable trade agreements where you win and I win, and not the American view, which seems to be, 'You lose and I win,'" Malmstrom told media.
European officials have been pushing Japan to reduce its tariffs on cheese and agriculture imports, which are as high as 30 percent, in return for phasing out tariffs on Japanese autos and auto parts.
European Commissioner for Agriculture and Rural Development Phil Hogan (L) and European Commissioner for Trade Cecilia Malmstrom (2-L) pose with Japanese Foreign Minister Fumio Kishida (2-R) and Japanese Agriculture, Forestry and Fisheries Minister Yuji Yamamoto (R) before their working dinner as a part of the Japan-EU Economic Partnership Agreement negotiations at Iikura guest house in Tokyo, Japan on June 30, 2017. /Reuters Photo
The deal is strongly opposed by some Japanese politicians who want to protect Japan's dwindling dairy industry, but Malmstrom expressed confidence in overcoming this hurdle.
"We've made meaningful progress, but there are still important points remaining," Fumio Kishida, the Japanese Foreign Minister said.
Japan and the EU have been negotiating a trade deal since 2013. The talks have taken on a greater sense of urgency since Trump walked away from the Trans-Pacific Partnership (TPP), leaving the other 11 members of the Pacific Rim trading bloc including Japan scrambling for alternatives.
(With input from Reuters)
