Japan studies US-led free trade zone
Source: Agencies |
October 13, 2011, Thursday
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Print Edition
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TOP Japanese officials yesterday said the country will decide whether to join a United States-led Pacific-wide free trade zone ahead of a regional economic summit to be held in Hawaii next month.
Chief Cabinet Secretary Osamu Fujimura said the ruling party has started intensive discussions on the possibility of joining the Trans-Pacific Partnership by the November 12-13 Asia-Pacific Economic Cooperation, or APEC, meeting in Honolulu.
Under former Prime Minister Naoto Kan, Japan had been studying whether to join the so-called TPP, which in principle would eliminate all tariffs on imports, but had put off a decision in the aftermath of the March 11 earthquake and tsunami.
The US, Australia, Malaysia, Vietnam and Peru are negotiating to join the bloc, which already brings together the smaller economies of Chile, New Zealand, Brunei and Singapore.
Japanese business leaders say the country must join or suffer a competitive disadvantage, but most farmers are opposed because of worries that an influx of cheaper imports would ruin them. Imported rice, for example, is subject to a 778 percent tariff.
"There are many cautious opinions, and we will study the issue very carefully," Fujimura said. "The (ruling) party said it will come to a conclusion by early November, so the government will carefully follow the development and cooperate with the party."
Some APEC member economies see the Pacific pact as a building block for a free trade area that encompasses all of Asia and the Pacific - from behemoths China and the US to minnows such as New Zealand and Singapore. Slashing tariffs and other barriers to imports and investments, it would cover half the world's commerce and two-fifths of its trade.
Trade and Industry Minister Yukio Edano said Japan will decide after thorough discussion.
Chief Cabinet Secretary Osamu Fujimura said the ruling party has started intensive discussions on the possibility of joining the Trans-Pacific Partnership by the November 12-13 Asia-Pacific Economic Cooperation, or APEC, meeting in Honolulu.
Under former Prime Minister Naoto Kan, Japan had been studying whether to join the so-called TPP, which in principle would eliminate all tariffs on imports, but had put off a decision in the aftermath of the March 11 earthquake and tsunami.
The US, Australia, Malaysia, Vietnam and Peru are negotiating to join the bloc, which already brings together the smaller economies of Chile, New Zealand, Brunei and Singapore.
Japanese business leaders say the country must join or suffer a competitive disadvantage, but most farmers are opposed because of worries that an influx of cheaper imports would ruin them. Imported rice, for example, is subject to a 778 percent tariff.
"There are many cautious opinions, and we will study the issue very carefully," Fujimura said. "The (ruling) party said it will come to a conclusion by early November, so the government will carefully follow the development and cooperate with the party."
Some APEC member economies see the Pacific pact as a building block for a free trade area that encompasses all of Asia and the Pacific - from behemoths China and the US to minnows such as New Zealand and Singapore. Slashing tariffs and other barriers to imports and investments, it would cover half the world's commerce and two-fifths of its trade.
Trade and Industry Minister Yukio Edano said Japan will decide after thorough discussion.
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