FX.co ★ EU and Japan cancel 99% of tariffs amid US protectionism

The European Union and Japan have signed a trade deal that will create the world’s largest trade zone covering about 600 million people.

that will eliminate nearly all tariffs,

Brussels and Tokyo also agreed to recognize each other's personal data protection systems as equivalent, thus creating the world's largest area of safe data transfers based on a high level of protection of personal data, the EU said in a statement.

The deal is a response to the US protectionist policy, which will eliminate 99% of existing tariffs. It will help Japanese and European manufacturers save about 1 billion euros annually.

The agreement will come into force in autumn 2019.