EU, Japan Making Headway On FTA

European Commission President Jean-Claude Juncker has said he is confident that the EU and Japan will reach a deal on a free trade agreement this year.

Juncker and Donald Tusk, the President of the European Council, met with Japanese Prime Minister Shinzo Abe on March 21. According to Juncker, the negotiations with Japan are "now in a decisive - and hopefully final - stage."

Negotiators will meet in Tokyo in April for a fresh round of talks, after which the process will further intensify.

Speaking at the meeting, Juncker said: "When it comes to trade, the agreement will of course provide a significant boost for both sides: Japan is already the European Union's second biggest trading partner in Asia and together our economies account for a third of the world's GDP. We believe this agreement is necessary, it is necessary because we believe in free, fair and rules-based trade. And so we will continue to look out towards the world, rather than return to isolationism. The European Union is open for business – for fair business."

Juncker added that, "as often in a negotiation, the few remaining issues are the most difficult to solve." He said he is very confident that, following the discussions with Abe, there will be "a swift agreement this year." He added that he hopes the two sides will conclude their negotiations at the next EU-Japan summit.

Source: Tax News