Japan, EU sign landmark trade deal

The deal eliminates about 99 percent of the tariffs on Japanese goods to the EU, but remaining at around 94 percent for European imports into Japan for now and rising to 99 percent over the years. (AFP)
Updated 17 July 2018
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Japan, EU sign landmark trade deal

  • Both sides are heralding the deal, which covers a third of the global economy and more than 600 million people
  • Besides the latest deal with the EU, Japan is working on other trade agreements, including a far-reaching trans-Pacific deal
The EU and Japan signed a sweeping free trade deal Tuesday that officials called a “clear message” against protectionism, as Washington imposes controversial tariffs and threatens a trade war.
The deal signed in Tokyo by the EU’s top officials and Japan’s Prime Minister Shinzo Abe is the biggest ever negotiated by the EU and creates a free trade zone covering nearly a third of the world’s GDP.
“We are sending a clear message that we stand together against protectionism,” EU Council President Donald Tusk said.
“Together we are making — by signing this agreement — a statement about free and fair trade, we are showing that we are stronger and better off when we work together,” added Commission head Jean-Claude Juncker.
The huge deal was signed as President Donald Trump unsettles allies and provokes rivals with his aggressive “America First” trade policy.
Both the EU and Japan have been hit with new US tariffs despite their longstanding alliances with Washington.
Juncker said the deal sent a message that “trade is about more than tariffs and barriers, it is about values.”
“There is no protection in protectionism,” he said.
Abe, standing alongside the two EU officials, said the agreement, “shows the world the unshaken political will of Japan and the EU to lead the world as the champions of free trade at a time when protectionism has spread.”


GITEX Tech showcases Saudi Arabia’s regional innovation drive

Updated 15 October 2018
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GITEX Tech showcases Saudi Arabia’s regional innovation drive

DUBAI: Dubai’s GITEX Technology week showcased the region’s ability to take the lead in innovation technology, with Saudi Arabia on its way to take the driver’s seat, according to consulting firm Accenture’s country managing director in Saudi Arabia.
“Saudi Arabia will be a leader in supporting innovation and the development of new technology in the region,” Khaled Al-Dhaher told Arab News.
“I think we (Arab countries) can always complement each other in the region to make sure we have the best innovation that is relevant for us and focused on the needs of our markets,” he added.
Among the main drivers behind the Kingdom’s surge into innovation and incubation is the Center of Initiatives at Prince Mohammed bin Salman bin Abdul Aziz Foundation (Misk), which is an exclusive partner at GITEX Future Stars 2018.
Misk Innovation showcased 20 Saudi-based start-ups and incubators, ranging from 3D printing technology (SHAKL) to e-commerce (Zid) to online grocery shopping (ZADFresh).
Another prominent player from the Kingdom was the Badir Program, which helps to sustain and develop pioneering environments within the Kingdom and stays in line with following the crown prince’s Vision 2030 plan.
The plan, unveiled in 2016, is a comprehensive blueprint for the future, laying out a strategy and clear targets to diversify Saudi Arabia’s economy, and develop public service sectors such as health, education, infrastructure, recreation and tourism.
“We see a big support toward start-ups in terms of seed funding, arranging funding rounds, investment funding rounds, which actually is very important to accelerate the growth of these start-ups,” Badir Program’s CEO Nawaf Al-Sahhaf told Arab News, adding: “They (start-ups) created more than 2,000 jobs in the last two years.”
The 38th annual exhibition, which kicked off on Sunday, centered around the rise of smart cities. Dubai’s government featured high-tech stands promoting the emirate’s ruler Sheikh Mohammed bin Rashid’s vision of a totally smart Dubai.
While Dubai is ahead of Saudi Arabia in this respect, the latter is not far behind.
“Saudi Arabia is building new cities now, and one of them is NEOM. Smart cities needs smart solutions and smart products, so Saudi Arabia is a big supporter of entrepreneurs and the private sector in order to come up with these smart solutions,” Al-Sahhaf said.
“Saudi Arabia is moving in this [Smart] direction and we are in good hands,” he added.
The Saudi Technology Development and Investment Company, Taqania, was also featured at the exhibition. Owned by the Kingdom’s Public Investment Fund, Taqania is one of Saudi Arabia’s main proponents in a non-oil dependent Kingdom aligned with Vision 2030, and invests in technology that contributes to the country’s economic diversification.
The exhibition is split among several categories including Gulf Comms & Mobility, Global Solution Providers, Smart Workplace & Smart Homes, Value-Added Distributors, Printing & Automation, Consumer Tech, Enterprise Software, Network & Security, Future Tech and IOT Big Cloud Data.
GITEX Technology week runs from Oct. 14 to 18, with GITEX Future Stars taking place from Oct. 14 to 17.