European Union and Japan make progress on new trade deal

The European Union and Japan have reached political agreement on the completion of long-running negotiations for a trade deal.

European Union and Japan make progress on new trade deal

The European Union and Japan have reached political agreement on the completion of long-running negotiations for a trade deal.

In talks at the G7 summit in Japan, leaders including agreed to instruct negotiators to work to an accelerated timetable which could see the deal concluded as early as this autumn and come into effect next year.

Key elements of the deal - including tariffs on agricultural and automotive exports and government procurement - must be completed over the summer if it is to be signed by the end of the year.

A successful deal could lead to the elimination of the vast majority of trade tariffs and boost imports and exports in key areas such as agriculture, car manufacturing and clothing.

Speaking at a meeting with British Prime Minister David Cameron, French president Francois Hollande, German chancellor Angela Merkel, Italian PM Matteo Renzi, European Commission president Jean-Claude Juncker and European Council president Donald Tusk, Mr Abe welcomed the political agreement.

"It's my great pleasure that we have produced this statement," said the Japanese PM.

"The realisation of the Japane EU EPA/FTA is not something that's conducive only to the economic growth of Japan and the EU.

"The agreement is going to be beneficial for bringing in sustainable and robust growth for the whole world economy.

"There's a substantial significance that countries sharing basic values such as freedom, democracy and the rule of law build... an international order that's befitting the 21st century.

"In order to make progress in the negotiation both parties must come up with strong determination and flexibility and I want to continue close cooperation with the leaders who are present today."

In a joint statement following the meeting, leaders from the EU, Japan, France, Germany and Italy said that the deal will "promote strong, sustainable and balanced growth", including the creation of more jobs.

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