- Jul 20, 2018 -
Amid global trade tensions, Japan and the European Union signed an economic cooperation agreement in Tokyo on Tuesday that would eliminate almost all tariffs, including a 10 per cent import tariff on Japanese cars, making it the world's largest trading area. Bloomberg said the agreement eliminated tariffs on about 99 percent of the European Union's goods from Japan and lifted Japan's tariffs on about 94 percent of its goods from the European Union, which will rise to 99 percent in the next few years. The agreement covers one-third of the world's economy and more than 600 million people, and negotiations began in 2013.
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