London
21 °C
Manchester
18 °C
Glasgow
Dublin
Belfast
Washington
Denver
Atlanta
Dallas
Houston Texas
36 °C
New Orleans
34 °C
El Paso
Phoenix
Los Angeles
31 °C
15 °C
6 °C
1 °C
8 °C
20 °C
9 °C
EU, Japan vow joint push for 'fair' global trade / Photo: © POOL/AFP
NYSE - LSE
| CMSC | -0.24% | 22.416 | $ | |
| JRI | 0.04% | 13.215 | $ | |
| SCS | 1.64% | 10.645 | $ | |
| AZN | 3.32% | 72.9 | $ | |
| RIO | 0.3% | 64.525 | $ | |
| BTI | -0.01% | 52.215 | $ | |
| SCU | 0% | 12.72 | $ | |
| GSK | 2.46% | 37.955 | $ | |
| BCC | 1.24% | 88.24 | $ | |
| BP | 0.84% | 32.795 | $ | |
| BCE | 0.83% | 24.585 | $ | |
| RBGPF | -1.47% | 68 | $ | |
| RYCEF | -0.9% | 13.3 | $ | |
| NGG | -2.44% | 72.51 | $ | |
| RELX | 0.96% | 53.19 | $ | |
| CMSD | -0.07% | 22.904 | $ | |
| VOD | -0.49% | 11.265 | $ |
EU, Japan vow joint push for 'fair' global trade
The EU and Japan pledged on Wednesday to work together on championing a "free and fair" trade global system, as US tariffs and disputes with China rattle their economies.
Brussels and Tokyo announced a "competitiveness alliance" to increase bilateral trade, address unfair practices, and boost innovation, at a summit in the Japanese capital.
"In today's world, competitiveness has to be built with trusted partners such as Japan," European Union chief Ursula von der Leyen told journalists after talks with Japanese Prime Minister Shigeru Ishiba.
"Together, Europe and Japan represent a fifth of global GDP and a market of 600 million people," she added.
"So, we have the scale to shape global rules on trade and tech in line with our values of fairness and openness."
Facing a swirl of speculation over his future following a weekend election debacle, Ishiba said the EU and Japan concurred to work together to strengthen a "stable and predictable rules-based free and fair economic order".
Von der Leyen congratulated the prime minister on his "successful negotiations" to secure a tariff deal with Washington, a feat that has so far escaped the European Commission she leads.
US President Donald Trump announced Tuesday a "massive" trade deal with Japan, as a deadline looms for the EU and other major US trade partners to strike agreements or face steep levies.
Tokyo said the deal would see a tariff on Japanese car cut to 15 percent.
The EU's top trade negotiator Maros Sefcovic is due to speak once again to US Commerce Secretary Howard Lutnick later on Wednesday.
Von der Leyen's commission, the EU's top executive body, is in charge of trade policy for the 27-nation bloc.
"In a world of growing uncertainty, we are also stepping up joint efforts to boost economic security and resilience," Antonio Costa told journalists in Tokyo.
Costa heads the European Council representing EU member states.
He said the EU and Japan -- who back Ukraine in its war with Russia -- would push to deepen cooperation between their defence industries.
Costa and von der Leyen will visit Beijing next for talks with China's top leaders on Thursday.
Beijing and Brussels will mark the 50th anniversary of their establishment of diplomatic ties.
But differences over state subsidies, market access and China's support for Russia are set to overshadow the event.
burs-ub/del/jj
D.Choi--SG
