ASEAN finalises trade pacts with Japan, Korea
Friday, 23 November 2007
SINGAPORE, Nov 22 (PTI): The ten-member bloc of Southeast Asian nations yesterday finalised a free trade agreement in goods with Japan and an agreement for trade in services with Korea to boost economic ties with two of Asia's biggest economies.
Under the free trade agreement (FTA), Japan will remove tariffs on 90 per cent of imports from Association of Southeast Asian Nations (ASEAN). However, sensitive products such as rice, beef and dairy products are excluded and will continue to attract duties to protect Japan's agricultural sector.
Trade between Japan and ASEAN totalled USD 163 billion in 2006, making the bloc Tokyo's third-largest trading partner after the United States and China.
Under the free trade agreement (FTA), Japan will remove tariffs on 90 per cent of imports from Association of Southeast Asian Nations (ASEAN). However, sensitive products such as rice, beef and dairy products are excluded and will continue to attract duties to protect Japan's agricultural sector.
Trade between Japan and ASEAN totalled USD 163 billion in 2006, making the bloc Tokyo's third-largest trading partner after the United States and China.