TOKYO: The EU and Japan pledged on Wednesday (Jul 23) to work together on championing a “free and fair” trade global system, as US tariffs and disputes with China rattle their economies.
Brussels and Tokyo announced a “competitiveness alliance” to increase bilateral trade, address unfair practices, and boost innovation, at a summit in the Japanese capital.
“In today’s world, competitiveness has to be built with trusted partners such as Japan,” European Union chief Ursula von der Leyen told journalists after talks with Japanese Prime Minister Shigeru Ishiba.
“Together, Europe and Japan represent a fifth of global GDP and a market of 600 million people,” she added.
“So, we have the scale to shape global rules on trade and tech in line with our values of fairness and openness.”
Facing a swirl of speculation over his future following a weekend election debacle, Ishiba said the EU and Japan concurred to work together to strengthen a “stable and predictable rules-based free and fair economic order”.
Von der Leyen congratulated the prime minister on his “successful negotiations” to secure a tariff deal with Washington, a feat that has so far escaped the European Commission she leads.
US President Donald Trump announced on Tuesday a “massive” trade deal with Japan, as a deadline looms for the EU and other major US trade partners to strike agreements or face steep levies.
Tokyo said the deal would see a tariff on Japanese car cut to 15 per cent.
Source: CNA
