Japan on Friday signed a free-trade agreement with the Association of Southeast Asian Nations which will eliminate tariffs on 93 percent of its imports from those countries, measured by value, within 10 years.
Meanwhile, the six major ASEAN members -- Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand -- will abolish tariffs on 90 percent of their imports from Japan within 10 years, measured in terms of both value and the number of items. Japanese Foreign Minister Masahiko Komura signed the agreement with the 10-member ASEAN. The agreement is expected to be endorsed by respective ASEAN members by the end of April, and come into effect by this fall. The deal was finalized last November after two and a half years of negotiations.
Journal of Commerce
