BRUSSELS: The European Union said Friday that a first round of talks with Japan made a good start in the search for what could be one the world's biggest free trade deals.
"It's been a good start," chief EU negotiator Mauro Petriccione said Friday after five days of talks in Brussels.
"This is a big negotiation with some difficult issues but I am confident we can make good progress in the months to come," Petriccione said in a statement.
This week's talks are the first in a process which could take up to five years, analysts say, as the EU and Japan look to give their faltering economies a boost with an accord which would cover some 30 percent of global economic output and 40 percent of trade.
Both sides have cautioned against expecting any early agreement, stressing that they have to resolve highly technical issues and address the grievances of some very strong domestic interests.
The EU said Friday that the aim "is for a comprehensive agreement in goods, services and investment eliminating tariffs, non-tariff barriers and covering other trade-related issues, such as public procurement, regulatory issues, competition, and sustainable development."
An accord could add 0.6-0.8 percent to Europe's annual economic output on the back of a near 33-percent gain in EU exports to Japan, the statement said.
Non-tariff barriers are a major issue for Brussels and the statement reiterated that the talks could be suspended after one year if Japan "does not live up to its commitments on removing" them.
A Japanese government said the "two sides exchanged and shared views on negotiating areas and procedure."
The next round of talks will take place in Tokyo on June 24-28.
Japan has been in the doldrums since the collapse of its 'bubble economy' in the early 1990s despite spending trillions on successive stimulus packages.
Europe too has been limping along, holed below the water line by its debilitating debt crisis, with governments desperate to find growth and jobs.
As well as Japan, the EU is also about to begin negotiations on Free Trade Agreements with the United States while talks are ongoing with Canada and India, as well as the Mercosur countries of Latin America among others.
Japan too is involved in other talks, most recently winning Washington's approval to join the 11-nation, US-backed Trans-Pacific Partnership.
Comments
Comments are closed for this article.