Japan and the European Union are set to sign a free trade deal that will pave the way for the bloc to move forward with the Transatlantic Trade and Investment Partnership (TTIP).EU trade minister Peter Szijjarto said the deal would be “a major milestone in the path to TTIP”.
“We are looking forward to signing the agreement with Japan in March 2019,” Szijjaro said.
The European Union and Japan are set a date for a signing ceremony in Brussels on Wednesday (local time).
TTIP, which is aimed at boosting trade between the two blocs, is due to be signed by the two countries by the end of March.TTIP aims to allow multinationals to impose tariffs on each other’s goods and services.
The EU, the US and other nations want to protect jobs and services and lower trade barriers.
The deal, however, faces challenges from the US, which has warned of the economic risks TTIP poses.US President Donald Trump has been vociferous against the agreement.
He has repeatedly threatened to pull out of the deal, which he sees as damaging to US economic interests.