Japan, EU to agree on framework of free trade by 2017

According to media reports, Japan and the European Union are about to come to an end in their discussions on a large-scale free trade agreement and an official agreement is likely to be reached before the year ends.

The discussions between the parties involve cuts in EU tariffs on Japanese autos, auto parts and electronic devices and cuts in Japanese tariffs on agricultural products on the EU’s part, the reports revealed.

The EU Trade Commissioner and Japanese Foreign Minister will meet in Japan next week with efforts to work out the framework for the deal and finalize the negotiations. After the negotiations end, it will be made clear when the deal will be effective.