(MENAFN- Qatar News Agency) The European Union and Japan are holding their third round of talks on a free trade agreement in Brussels this week.
The talks, which began on Monday and end on Friday, follow on from earlier talks in Europe and Japan this year
Discussions are centered on liberalization of goods and services and the elimination of nontariff trade barriers in the two trading blocs
Analysts said that the talks could take up to five years, as the EU and Japan look to give their faltering economies a boost with an accord which would cover some 30% of global economic output and 40% of trade
The negotiating parties believe an accord could add 0.6-0.8% to Europe's annual economic output on the back of a near 33% gain in EU exports to Japan
As well as Japan, the EU has also begun negotiations on Free Trade Agreements with the United States, Canada and India, as well as the Mercosur countries of Latin America among others
Japan too is involved in other talks, most recently winning Washington's approval to join the 11-nation, U.S.-backed Trans-Pacific Partnership.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.