Japan ready for talks on EU free trade deal

http://print.dailymirror.lk/business/107-international/44544.html

Japan said on Friday it wanted to start talks on an EU-Japan free trade deal to link the world’s third largest economy and the leading global market, a report said.

Prime Minister Naoto Kan told his cabinet ministers to work on reforms demanded by the European Union, such as removing non-tariff trade barriers and liberalising public procurement, Kyodo News reported. Japan has been pressing the European Union hard to announce the launch of formal negotiations towards a deal at a summit in Brussels on May 27 and 28.

Trade ties between the two have consistently shown a strong surplus in favour of Japan -- the EU currently being Japan’s third largest trade partner while Japan is Europe’s fifth largest.

Japan has been eager to launch free trade negotiations with the European Union as it believes the elimination of EU tariffs on cars and electrical appliances would benefit Japanese companies. But the EU is looking to Japan to scrap non-tariff barriers, including on food, while offering better general access to European firms.