ninety nine percent of all terrorists. her doctors will have that story coming right up for you in business. and. i'm. tom was a symbol. somebody was my hero but it's also true of everybody around the world is name to. me.

she inspires me to stay. in choosing your hands. on the one hundredth anniversary of his birth the legacy of nelson mandela. july eighteenth zero point two told me. it's a deal that creates one of the world's largest trading blocks slashing ninety nine percent of old tariffs the european union and japan sign the free trade agreement embraces a third of the global economy on more than six hundred million people and represents a powerful push for free trade. and as europe looks to asia for trade the french pulled city off masai hopes to become an important hope thanks to china's one belt why. road project. this is.

the e.u. and japan today agreed a free trade deal which will create the world's biggest open economic area after a signing ceremony in tokyo e.u. council president said the deal sent a strong message against protectionism together the e.u. and japan make up almost a third of global g.d.p. now after five years of negotiating the two sides have reached a deal that creates the world's largest open economic area addressing the press after a signing ceremony in tokyo european council president donald tools kept this to say. graphically we are far apart but politically economically recruit hardly be in the close. we both firmly believe in open live corp rules based international order. and free trade

the two blocks are ready have a pretty balanced trade relationship last year the e.u. exported goods and services worth seventy eight billion euros to japan and imported just a little less. that trade volume is expected to increase substantially as a result of the deal. the agreement will see the removal of a host of trade barriers enabling the e.u. to export products like milk nice and wine to japan without paying tariffs the e.u. in turn will no longer demand ten percent tariffs on japanese cars and move that comes as good news for a well known japanese brands like toyota nissan and mitsubishi. the deal still needs to be vast a fight by the european parliament if all goes to plan the agreement will go into effect in the ocean of twenty nineteen. now let's bring in. financial correspondent in frankfurt only other than the huge symbolic value of this deal in

times when free trade is under siege how important is this deal in real terms. it is really important and many people in the financial markets didn't really have this on their radar but they can see the numbers now the european commission expects the trade with japan to increase in the next two years with the benefits over all by up to twenty five percent and. benefits in the short run even exporters are expected to save about one billion euros through the tariffs being eliminated and you'll see similar benefits of course also for the japanese side. agreement is well balanced both sides have a body will trade with one another but there are different concentrations in the two economies so it's also seems like a complementary deal not more of the same for both countries but also some products that are that are very different and can add

a little bit of more benefit in that way to the economies of the pros we've we've heard about in that report the japanese car industry happy about it what about european comic is all they're not worried about even cheaper cars flooding the domestic market. yes the japanese already have a good market share here in europe and in germany for example i talked to an analyst earlier he said that companies like toyota and nissan honda it's a vitiate they have market shares each of a two to four percent and of course when the prices become even more attractive through tariffs falling by the wayside expect that their sales will will increase and then to the detriment of german and european manufacturers but remember german car makers make a lot of money with premium car makers and without tariffs there they'll have a freer entry into the japanese market where there's a lot of money floating around probably for german luxury cars as well sounded like

a win win situation thank you very much we bought in france amazon workers across europe walk in all of the job today six of the company's warehouses in germany employees strike for labor contracts that guarantee healthy working conditions the strikes began in spain and poland coinciding with amazon so-called prime day workers in poland are also staging a work to rule action meaning they only do the minimal work required honest and says it expects only a fraction of its twelve thousand workers in germany to join the strike. the governor of the bank of england makani said that no deal breaks it would have big economic consequences prompt a review of interest rates and leave a many bank because idle britain and the e.u. have negotiated a transition deal that would effectively keep britain in the block until the end of twenty twenty it has not been ratified yet meaning the u.k.

could crash out and have to rely on w t o trading terms conny made those comments at the founder asho web breaks it worries take center stage. aircraft makers have been flying high for almost a decade now pushed up by rising demand now they're showcasing the new a shyness and farm. but a change in political landscape could spell turbulence ahead the sector depends heavily on cross border trade in plane parts so a brags that related disruption in the movement of goods and services would be costly. british prime minister to resign may sought to sue the industry fears that the air show she offered more than four hundred fifty million dollars in new funding for the industry and she announced plans to build a new fighter jet dot the tempus place the eurofighter that speculation brags it could upset cooperation in this field too i want to ensure that the u.k. remains one of the best places in the world for aerospace companies to do business

to continue as world leaders in innovation to make the most of the huge opportunities that exist because this is an incredibly exciting time for aerospace not only is the huge growth potential but many of the developments taking place have the potential to transform the way we fly airbus for one has announced seventeen billion dollars worth of deals so far at the farm bro air show just last month it said it could quit the u.k. overprice it but since the release of may's proposal to try and keep a free trade area between the e.u. and the u.k. airbus has said it's cautiously optimistic the u.k.'s main aviation industry group echoes the sentiment but insists much is still up in the air. china has been building the new silk road the so-called one belt one road project for five years billions of euros are to be invested in infrastructure worldwide in

order to expand trade routes further boosting the economy in china the new silk road oh also go through the french port city of mass say it's looking to raise its profile on international markets this investor is hoping the new myth sixty eight transshipment center for fashion will become a permanent hub on the new silk road a sea route for goods from northern china that leads through the suez canal to mar say. this is a real opportunity to become a hub for trade with china will be offering a wide range of products here starting with bashing and then other goods for instance from the tech sector i think none of them want to think it is so far about ninety mainly chinese traders have set up shop here. the next phase will see many new businesses because this center isn't just a gateway to the french market. i think our goal is to become

a hub for businesses across southern europe italy and spain for instance are looking to create a trading links to countries in north africa such as algeria which there is a shared history you may have sixty eight could connect all these countries with china. the city administration is all too happy to get in on the silk road action china's largest shipping company has made marsay its main trading base in europe a chinese tire factory is also due to be built here soon expanded access to the french market however will need to be a two way street. but of course we hope that more foreign companies will do business with us so we can lower unemployment here the chinese are more than welcome but in return they need to open up their markets to our products after all products from provence such as oil as wines and soaps are very popular in china.

at least one economist doubts french exporters will be able to sell more in china even if beijing shows the political will. this road infrastructure project won't really change france's trade deficit with china it comes down to competitor pricing the french products are generally more expensive. with french government should be aware of that. it's also a bit wary that the silk road will be used to peddle influence. that's why it shielding certain strategic sectors. in the head of the fashion thinks apprehensions of burgeoning chinese influence are overblown. i think we need to stop peddling these horror stories i think the situation is similar to the post world war two period and i guess. at that time american investment in europe was also knew that despite the current trade conflict the u.s. is still an important economic partner now it's china's time we need to work

together with the chinese in other words he believes the prints need to follow china's lead if they do this transshipment center will not only be a major import hub it will also open the door to expanding exports to china. and that's it from me and the business team of fun i'll have an update for you of course in the next hour in the meantime do check out our facebook twitter feed all was at a website. called slash business school a lot more stores on the back on the can find that for you go have a look at world markets right now thanks for watching.

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