Japan and Canada seek FTA talks
Source: Agencies |
March 26, 2012, Monday
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JAPAN and Canada agreed yesterday to formally start talks aimed at forging a free trade agreement between them.
If created, the pact would be Japan's first with one of the Group of Eight major economies.
Japanese Prime Minister Yoshihiko Noda and his Canadian counterpart, Stephen Harper, said they would also seek to boost bilateral economic, energy and security ties.
"This is a truly historic step that will help create jobs and growth in both countries," Harper told a joint news conference. "The negotiations we are announcing today (Sunday) complement Canada's ambitious trade agenda."
Japan is Canada's fourth-largest export market, and a free trade deal could potentially increase that "by as much as two-thirds," Harper said.
Japan's main exports to Canada are cars, machinery and other industrial products. Its chief imports from Canada are natural resources and agricultural products including soybeans and pork. Both countries are seeking to join the US-led trans-Pacific multilateral trade pact known as TPP. Japan's highly protected farm sector is seen as a main obstacle.
Noda stressed the importance of accelerating private-sector cooperation in natural gas and other energy resources.
Japan is struggling to secure a stable supply of energy resources due to concerns about a serious power crunch stemming from the nuclear crisis set off by the March 11, 2011 massive earthquake and tsunami.
The disasters destroyed power and cooling functions at the Fukushima Dai-ichi nuclear power plant, sending three reactors into meltdown and forcing 100,000 people to relocate.
If created, the pact would be Japan's first with one of the Group of Eight major economies.
Japanese Prime Minister Yoshihiko Noda and his Canadian counterpart, Stephen Harper, said they would also seek to boost bilateral economic, energy and security ties.
"This is a truly historic step that will help create jobs and growth in both countries," Harper told a joint news conference. "The negotiations we are announcing today (Sunday) complement Canada's ambitious trade agenda."
Japan is Canada's fourth-largest export market, and a free trade deal could potentially increase that "by as much as two-thirds," Harper said.
Japan's main exports to Canada are cars, machinery and other industrial products. Its chief imports from Canada are natural resources and agricultural products including soybeans and pork. Both countries are seeking to join the US-led trans-Pacific multilateral trade pact known as TPP. Japan's highly protected farm sector is seen as a main obstacle.
Noda stressed the importance of accelerating private-sector cooperation in natural gas and other energy resources.
Japan is struggling to secure a stable supply of energy resources due to concerns about a serious power crunch stemming from the nuclear crisis set off by the March 11, 2011 massive earthquake and tsunami.
The disasters destroyed power and cooling functions at the Fukushima Dai-ichi nuclear power plant, sending three reactors into meltdown and forcing 100,000 people to relocate.
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