(Foo Yun Chee – Reuters)
The European Union and Japan will launch the world’s largest free trade zone early next year after their economic partnership cleared a final hurdle on Wednesday.
Some 70 percent of European Parliament lawmakers backed the agreement that binds two economies accounting for about a third of global gross domestic product and signals their rejection of protectionism.
While they have agreed to start separate trade talks with the United States, both face trade tensions with Washington and their steel and aluminum producers remain subject to U.S. tariffs imposed by President Donald Trump.
EU Trade Commissioner Cecilia Malmstrom said the deal would bring clear benefits to EU companies and farmers. Japan’s parliament approved it on Saturday. Click here to read more.