The EU and Japan, which together account for more than a quarter of the global economy, traded roughly $140 billion of goods last year, according to EU data. The deal they are negotiating now would help boost that number.
Japan wants to remove high EU tariffs on products such as cars and electronics, and is also seeking lower regulatory hurdles for Japanese companies doing business in Europe. The EU is pushing for improved market access for agricultural products and lower tariffs on food products such as cheese, pasta, pork and wine. Japanese and European negotiators are attempting to reach a deal ahead of next week’s G20 summit of world leaders in Germany.