Japan, EU business lobbies call for launch of FTA talks at summit
Mainichi Japan | May 14, 2011
Japan, EU business lobbies call for launch of FTA talks at summit
TOKYO (Kyodo) — Business lobbies of Japan and the European Union have jointly called on their leaders to agree to launch negotiations for a bilateral free trade agreement during a summit meeting scheduled for later this month in Brussels.
The Japan Business Federation known as Nippon Keidanren, the Eurochambres, which is the association of European chambers of commerce and industry, and three other European business entities said in a statement, "The time has come to sign an agreement to launch negotiations" for a Japan-EU FTA.
The business bodies said if the two sides fail to agree on the start of FTA talks, they cannot develop "the huge untapped trade potential, which if unleashed, could make an enormous contribution to the welfare of both economies."
They added, "At the same time, this failure could undermine our present business relationship. The recent disaster in Japan and its subsequent disruptions of the global production system have revealed the complex interdependence of our respective supply chains and business relationships."
The five entities said they are encouraged by recent political messages from both sides signaling positive steps toward launching the FTA talks between Japan and the 27-nation regional bloc.
"The EU and Japan should not fail to transform the current political momentum into action," they said.
