EU/JAPAN - Biggest Trade Deal

Arno Froese

The European Union and Japan have agreed terms for a free trade deal set to create the world’s biggest open economic area.

The deal—the largest struck by the EU—is expected to liberalize almost all trade between the bloc and the world’s third-largest economy.

It is being seen as a challenge to the protectionism championed by US President Donald Trump.

Japan represents the biggest economy with which the EU has signed on the dotted line. For sure there are important neighbors and significant players more distant from Europe, such as South Korea and Chile, but Japan is on another scale. And there could be more involving Mexico and a group of countries in South America.

However, there is no current prospect of a trade deal with the world’s two largest economies. Negotiations with the United States, known as the TransAtlantic Trade and Investment Partnership (TTIP), are stalled. The EU is negotiating with China on investment—not for a general free trade deal. For now, much of the EU’s negotiating capacity will be tied up dealing with the UK.

Japan is also hoping to capitalize on the failure of the 12-nation Trans-Pacific Partnership (TPP), which was scuppered by Mr. Trump.

Last year, the EU and Canada struck a major trade deal as EU-US trade talks faltered., 8 December 2017

Arno's commentary

Globalization is marching ahead victoriously, regardless of several stumbling blocks in the way. Profit is king; thus, the larger the market, the more profit.

The EU has achieved near-miraculous success when compared to a century ago. We must keep in mind that war on the European continent was considered normal. The continent was dissected not only into nations, but sub-nations and small city-states and kingdoms. That is now all history; today one can travel from the tip of Finland to the tip of Messina, Italy without stopping, without borders, without customs. That, most politicians agree, is the model for the rest of the world.

Prophetically speaking, however, this is the greatest danger for humanity, because riches, success, and the abundance of luxury will result in excessive self-reliance; subsequently, the rejection of the Creator of the universe. The spirit of Babylon, or simply the spirit of human rebellion, as expressed in Revelation 3:17, will continue to thrive until the very end: “…I am rich, and increased with goods, and have need of nothing…”

Arno Froese is the executive director of Midnight Call Ministries and editor-in-chief of the acclaimed prophetic magazines Midnight Call and News From Israel. He has authored a number of well-received books, and has sponsored many prophecy conferences in the U.S., Canada, and Israel. His extensive travels have contributed to his keen insight into Bible prophecy, as he sees it from an international perspective.

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