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The EU flies to Japan in search of new markets

European representation at the 30th EU-Japan summit on July 23: talks with Japanese and Chinese officials

While waiting for decisions to be finalized on the tariffs the European Union wants (or doesn't want?) to impose on the US in response to Donald Trump 's tariffs, its representatives are on the hunt for new trading partners. The day after tomorrow, Wednesday, July 23, the President of the European Commission, Ursula von der Leyen , will be in Tokyo, along with Antonio Costa, President of the European Council, and High Representative Kaja Kallas , for the 30th EU-Japan Summit.

Japan is considered the EU's closest strategic partner in the Indo-Pacific region: annual trade amounts to €193 billion, with Japan being the EU's seventh largest trading partner out of the 27. It is also a member of the G7 and largely shares European views. Japan is also at risk of Trump 's tariffs, so much so that Japanese chief negotiator Ryosei Akazawa intends to travel to the US next week for a final attempt to reach an agreement on the tariffs.

The meeting with the EU will focus on cooperation on security and defense, trade and economic security, and multilateralism. There will be a joint declaration to revitalize trade cooperation, pushing for a strengthening of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the agreement that also involves Canada, Japan, and the United Kingdom.

The most delicate summit, the one with Beijing, will take place on Thursday the 24th, the 25th between the EU and China, marking the 50th anniversary of the establishment of diplomatic relations between Brussels and Beijing. In the morning, a meeting with President Xi Jinping will take place for a discussion on global affairs and bilateral relations, followed by a working lunch. In the afternoon, a meeting and dinner with Prime Minister Li Qiang will focus on economic and trade relations.

According to sources within the European Commission, the EU sees these talks as "a concrete opportunity for a detailed, frank, and substantive discussion." The European Union and China, they say, have a shared interest in pursuing a "constructive, stable, balanced, and mutually beneficial" relationship.

Moreover, from an economic perspective, progress on trade has led to a 300-fold increase in trade over the past 50 years, now amounting to $2 billion a day. And investment has increased so much that China and the EU are each other's second-largest trading partners. At the same time, the EU is aware of major problems: China represents about 20% of global GDP, and significant imbalances persist.

Ursula von der Leyen 's message will be that the current situation is unsustainable and that a rebalancing is needed: last year, our trade deficit doubled, exceeding €300 billion. And, above all, the EU points out that there is unfair competition: China, according to Brussels, benefits from our open markets but buys too little given that access to its market is limited. For this reason, von der Leyen and her colleagues will demand "reciprocity."

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EFA News - European Food Agency
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