By Foo Yun CheeSTRASBOURG (Reuters) - The European Union and Japan will launch the world's largest free trade zone early next year after their economic partnership cleared a final hurdle on Wednesday.gi Some 70 percent of European Parliament lawmakers backed the agreement that binds two economies accounting for about a third of global gross domestic product and signals their rejection of protectionism.While they have agreed to start separate trade talks with the United States, both face trade tensions with Washington and their steel and aluminium producers remain subject to U.S. tariffs imposed by President Donald Trump.EU Trade Commissioner Cecilia Malmstrom said the deal would bring clear benefits to EU companies and farmers. Japan's parliament approved it on Saturday."If all goes well, it should be able to enter force on February 1," she told Reuters in an interview. "The agreement is not only sending a signal to the world. It is also extremely advanced when it comes to opening … [Read more...] about EU-Japan free trade deal cleared for early 2019 start
Comprehensive economic and trade agreement ceta
THERESA May has said the UK is committed to striking trade deals with the rest of the world as soon as possible after Brexit. The UK will be able to negotiate new deals under the terms of her proposed withdrawal agreement from the EU, which MPs will begin voting on next week. What will Brexit mean for British trade? Companies based in the UK can sell their products freely to the EU without customers there having to pay additional taxes. Likewise British consumers don’t have to pay additional taxes for goods and services imported from the EU. The EU also has 35 agreements allowing free trade with countries such as Norway, Switzerland, South Africa and South Korea with 22 ones pending. But that will change after Brexit and the UK will have to begin to strike deals with these countries and the remaining EU countries. What will be our trade agreement with Europe and other big economies? The UK is hoping to strike a trade deal with EU in order to secure the movement of goods and … [Read more...] about What will Brexit mean for British trade?
Theresa May gathered senior government figures at Chequers to devise a Brexit blueprint earlier this year. They sat down for days to discuss how Britain would approach its exit from the European Union. Dozens of Tories are now believed to be forming a rebellion against the Prime Minister over the deal, with Boris Johnson quitting as Foreign Secretary in opposition to it. The stakes on whether the government can take a packaged deal to Brussels have never been higher. But what is the so-called Chequers Deal deal and why is it facing such a backlash? What is the Chequers Deal? The Chequers Deal was drawn up during a meeting of Mrs May's Cabinet at Chequers, her country retreat, on June 6. It consisted of a statement from cabinet members on what they had agreed the UK's relationship with the EU should look like after Brexit. This includes: A free trade area for goods A "common rulebook" for all goods including agri-food, meaning a commitment to … [Read more...] about What is the Chequers deal and how will it impact Brexit?
Luigi Di Maio at a conference on labour reform earlier this year. Photo: Andreas Solaro / AFP Italy's deputy prime minister Luigi Di Maio said Friday that a majority in parliament would reject an EU-Canada free trade deal, thereby threatening to scupper the entire agreement. "Soon the CETA (Comprehensive Economic and Trade Agreement) will come to parliament for ratification and the majority will reject it," Di Maio told Italy's main farming union, the Coldiretti. READ ALSO: Luigi Di Maio, the face of Italian populism … [Read more...] about Di Maio: parliamentary majority will reject EU-Canada trade deal
A protest against the CETA trade deal in Rome, 2017. Photo: Andreas Solaro/AFP Italy's nationalist agriculture minister on Thursday said his government would not ratify an EU-Canada free trade deal, claiming it does not protect his country's farmers. The European Union and Canada formally signed the Comprehensive Economic and Trade Agreement (CETA) in October 2016, at a time when anti-globalisation sentiment was on the rise in Europe. The accord, which has yet to be ratified, eliminates 98 percent of tariffs between the EU and Canada. Opponents to the accord from around Europe see it as a danger to health, democracy and the rule of law. Farmers in Italy protested in 2017, demanding that the government refuse to ratify the pact. CETA's supporters, however, see it as an extension of the global trade system that faces a threat from protectionist US President Donald Trump. The global system has also come under attack from eurosceptics and anti-establishment parties like those swept … [Read more...] about Italy won’t ratify EU-Canada trade deal: agriculture minister