The two major powers sign off on the economic partnership agreement
- Japan expects the deal to boost its GDP by 1% or ¥5 trillion
- Japan expects the deal to add roughly 290,000 jobs
- 10% import duty on cars from Japan will be eliminated
- Majority of the €1 billion duties paid by European exporters annually will be removed
They mention that this pact has been under negotiation since 2013. However, for it to come into effect it still needs to be approved by both the Japanese and European parliaments. Well, with the US stepping on everyone else's toes at the moment it's at least helping to bring others closer together.
