EU and Japan create world’s largest trade zone

European member states have given the go-ahead for a free trade deal with Japan, the world’s third-largest economy, news outlets report. Brussels said the agreement was sending “a very powerful signal against protectionism.”  More than that, it create the world’s largest open economic area, removing EU tariffs of 10 percent tariffs on Japanese cars and the 3 percent rate typically applied to car parts.  Meanwhile, Japan has reportedly committed to remove duties of some 30 percent on EU cheese and 15 percent on wines as well as allowing it to increase its beef and pork exports and gain access to large public tenders in Japan.