EU and Japan create world’s biggest free trade zone

A free trade agreement between Japan and the EU entered into force on February 1, covering 635 million people and almost one-third of the world’s economy. The president of the European Commission, Jean-Claude Juncker, said: “The new agreement will give consumers greater choice and cheaper prices; it will protect great European products in Japan and vice-versa, such as the Austrian Tiroler Speck or Kobe Beef; it will give small businesses on both sides the chance to branch out to a completely new market; it will save European companies 1 billion euro in duties every year and turbo-boost the trade we already do together.” The EU and Japan began negotiations for a free trade agreement in 2013.

Source: www.dw.com