Japan and the European Union (EU) on Tuesday signed a free-trade agreement that will enable to create the largest economic alliance, with 30 percent of the global GDP, reported Russian News Agency TASS.
The signing ceremony took place as a result of the Tokyo summit that was convened at the residence of Japanese Prime Minister Shinzō Abe, and in which European Council President Donald Tusk and European Commission President Jean-Claude Juncker participated.
Under this document, Japan will lift the customs duties for 94 percent of the goods it imports from the EU. And the EU member countries, for their part, will eliminate the customs tariffs for 99 percent of the products they import from Japan.
The agreement is expected to be ratified next March, when Great Britain will leave the EU.