Japan, EU reaffirm commitment on economic partnership, free trade deals

By: DJ Yap - 8 years ago

Japanese Prime Minister Shinzo Abe delivers his keynote speech on Friday, May 30, 2014 in Singapore. AP File Photo

ISE CITY, Japan—Leaders of Japan and the European Union on Thursday reaffirmed their commitment to reach an economic partnership agreement (EPA) and a free trade agreement (FTA) “as early as possible” in 2016.

Japan Prime Minister Shinzo Abe, speaking at a news conference, said negotiators of both parties were instructed by their leaders to reach a “comprehensive, high-level and balanced” EPA-FTA deal, which had been in the works since March 2011.

“It is indeed my great pleasure that we have produced this statement,” he said.

Leaders of the Group of Seven (G7) nations are meeting in Japan’s picturesque Ise-Shima region to discuss the global economy, terrorism and extremism in the Middle East, South China Sea tensions, among other things.

The state of the world economy was among the top agenda in the two-day summit attended by US President Barack Obama and the heads of state of Europe’s top economies.

“The realization of Japan-EU-EPA-FTA is not something that is conducive only to the economic growth of both Japan and the EU. The agreement is going to be beneficial for maintaining and bringing in the sustainable and robust growth for world economy,” Abe said.

Japan’s leader cited “the substantial significance of countries sharing basic values such as freedom, democracy and the rule of law build, in conjunction with the Trans-Pacific Partnership (TPP), an international order that is befitting the 21st century.”

“In order to make progress in the negotiations, both parties must come up with a strong determination and flexibility and I myself want to continue close cooperation with the relevant leaders present here today,” he said.

Next to China, Japan is the EU’s second biggest trading partner. Together, they account for more than a third of the world’s gross domestic product (GDP). RAM