BRUSSELS-Sputnik: The trade agreement between the European Union and Japan will come into effect in February 2019, European Commission Spokesperson for Trade and Agriculture Daniel Rosario said in his twitter account on Wednesday.
“EU-Japan trade agreement on track to enter into force in February,” Rosario said.
The trade agreement between the European Union and Japan, often regarded as the “cars for cheese” deal, is the largest free trade pact ever signed by the European Union, since the newly established free trade area will cover more than 600 million people.
“Our economic partnership with Japan – the biggest trade zone ever negotiated – is now very close to becoming a reality,” EU Trade Commissioner Cecilia Malmstrom said Wednesday, as quoted by the EU Commission press service.
The agreement will eliminate 10 percent tariffs Europe imposes on Japanese cars and 3 percent tariffs on car parts, at the same time it will cancel Japanese 30-percent cheese and 15-percent wine duties charged on the European goods.
Earlier in the day, the European Parliament voted 474 to 156 in favor of the agreement. Japan’s parliament approved the agreement on Saturday.