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Japan and the European Union have given backing to an Economic Partnership Agreement. The deal would cover about 30 percent of global GDP. That makes it one of the world's biggest trade agreements.
(Shinzo Abe / Japanese Prime Minister)
"Japan and the EU demonstrated our strong political will to raise the flag of free trade high, when there are moves toward protectionism in the world."
Under the deal, the EU will phase out a tariff on Japanese passenger cars over seven years. They'll do the same for sake immediately. Japan will create a quota for European soft cheeses and remove duties over 15 years. Both sides will abolish tariffs on wine from the start.
Both Japan and the EU will need the approval of the parliaments to put the trade deal into effect. Sources say it will probably take around two years for that to happen.