When President Trump said no to the Trans Pacific Partnership trade deal, it left Asian countries searching for their own trade partners. The week the European Union and Japan were getting very close to putting the final period on their deal.
According to the Wall Street Journal, trade talks between the EU and Japan have been ongoing since 2013 but discord over issues like Japanese auto exports and European agricultural sales to Japan has slowed progress. Negotiations have accelerated in recent months, as both sides have reacted to the Trump administration’s retreat from international trade deals.
Japanese Foreign Minister Fumio Kishida said Saturday the framework of an agreement was within reach, adding he was willing to go to Brussels to complete a deal before Prime Minister Shinzo Abe travels to Europe for the coming Group of 20 leaders summit.
This deal will open up European agriculture to the Japanese market. Since the EU and Russia feel out, with both sides applying sanctions on the other, EU farmers have been searching for a new market. This deal with Japan could not come at a more perfect time.