Japan and the European Union are expected to announce the launch of formal negotiations on concluding a bilateral free-trade agreement at their summit Monday in Tokyo, eyeing creation of a trading bloc accounting for around 30 percent of global gross domestic product.
Prime Minister Shinzo Abe, European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso are set to declare the start of the talks on liberalizing trade, investment and services as the two powers seek to reinvigorate their economies, both hit by prolonged slow growth.
"The Japan-EU economic partnership agreement will contribute to economic development for both sides and promote Japanese industries' entry into Europe," a Japanese official said.