EU and Japan agreed on the establishment of an FTA

The Japanese national flag, left, flies beside the European Union (EU) flag as Shinzo Abe, Japan's prime minister, and Angela Merkel, Germany's chancellor, hold a news conference at the Chancellery in Berlin, Germany, on Wednesday, April 30, 2014. Merkel and Abe spoke about their economic ties, communications with Russia and de-escalating the crisis in Ukraine. Photographer: Krisztian Bocsi/Bloomberg
The European Union and Japan have concluded negotiations on a bilateral agreement on the establishment of a free trade zone.

This was reported by Japanese Prime Minister Shinzo Abe, an official statement was also published by the European Commission.

According to Shinzo Abe, he held talks with EC President Jean-Claude Juncker on the results of the talks, noting that “a huge economic space, which accounts for 600 million people and which accounts for 30% of world GDP, is being created.”

The EC announced that the European Commissioner for Trade Cecilia Malmström and Japan’s Foreign Minister Taro Kono reached an agreement on the establishment of a FTA between the EU and Japan.

The sides stated that “the negotiations have been completed” and in the future they will begin the process of ratification and signing of the agreement.