Posted on 15 Apr 2008
Japan, ASEAN complete free trade accord
Japan and
the 10-member Association of Southeast Asian Nations on Monday completed the
signing of a free trade agreement, Japan’s first with a regional bloc,
the Foreign Ministry said. The ASEAN-Japan Comprehensive Economic Partnership
Agreement will enable Japanese companies that are expanding their markets in Southeast Asia to reduce trade costs. For example,
tariffs on Japanese exports from one ASEAN country to another will be removed.
In particular, electronics and automobile manufacturers will
also benefit as parts from various countries in the region can be assembled
without tariffs being levied. Japan
will repeal tariffs on 93% of imports from ASEAN by value within 10 years of
the deal taking effect.
