Japan and the European Union began preliminary talks Monday toward the creation of one of the world's largest free-trade accords, with both sides seeking to boost their respective, faltering economies with such a deal.
During the five-day meeting in Brussels, the two sides are expected to discuss specific areas to be covered in the negotiations and how they should go about the talks aimed at a comprehensive agreement on goods, services and investment by eliminating tariffs and nontariff barriers.
With Japan and the 27-member European Union accounting for some 30 percent of global economic output and 40 percent of world trade, the envisaged pact would provide the EU with a foothold for tapping Asian markets and help Japan expand exports to revive its economy, which has been dogged by prolonged deflation.