"I believe that today marks a historic event in the history between Japan and the European Union"
- EU Trade Commissioner Karel De Gucht
Japan and the European Union agreed on Monday to launch free trade talks in April, as Japanese Prime Minister Shinzo Abe is trying to revive the world's third largest economy. A deal is likely to create an additional 1% growth to improve the sluggish economic output in both regions, however, it is facing opposition from European carmakers, who doubt Tokyo's commitment to opening up its market. During 2011, Japan was the EU's seventh largest export market buying 69 billion euros worth of European goods, while the European Union is the third biggest market for Japanese products, importing goods and services for around 52 billion euros. At the moment, trade between the two sides is burdened by a tariffs and restrictions, which, if overcome, would create additional economic growth.
"I believe that today marks a historic event in the history between Japan and the European Union," EU Trade Commissioner Karel De Gucht said in Tokyo after meeting Japanese Trade Minister Toshimitsu Motegi.
"The leaders decided to launch negotiations for an agreement covering political, global and sectorial cooperation," Abe, Van Rompuy and Barroso said in a joint statement, adding talks should start in April.
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