Daily Times

The European Parliament on Wednesday approved an accord with Japan that has been dubbed the world’s biggest trade deal, covering economies that represent a third of the world’s GDP.

The agreement will go into effect in February and was celebrated as a victory for Europe as a free trade champion in the face of US President Donald Trump’s protectionism and Britain’s decision to leave the EU.

“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.

Talking to AFP before lawmakers voted by 474 votes to 152 to back the deal, Malmstrom called it “a symbol, a signal” and added: “We’re showing that for our part, we’re in favour of open but regulated trade.”

The deal was confirmed even as British Prime Minister Theresa May defended her faltering attempt to negotiate Britain’s orderly departure from the European Union before a boisterous House of Commons.

But, ironically, some EU leaders see the wide-ranging deal they have agreed with far-off Japan as a possible model for future commercial relations with the United Kingdom, once it formally quits the bloc.

“Everything is uncertain with the United Kingdom for the moment, but one day or another we’ll have to negotiate something,” Malmstrom said, predicting a British deal would “go even further” than Japan’s.

Published in Daily Times, December 13^th 2018.