Japanese Parliament approves U.S. free trade deal
The Japanese parliament approved the trade agreement negotiated with the U.S. that will reduce a wide range of import tariffs was approved by majority vote of the ruling Liberal Democratic Party and others in the upper house of the Diet on 4 December, reported Nikkei Asian Review.
The U.S. will scrap about 92% of its tariffs on Japanese products while Japan will lift about 84% of its tariffs on U.S. products in value terms, according to a Japanese government official.
Farmed goods from the U.S. that will benefit from the agreement include beef and pork; Japanese machining centres, air-conditioner, glasses and sunglasses will also see tariffs lifted immediately or in stages.
The agreement will take effect 1 January 2020. This trade deal helps restore market access for U.S. exporters to levels they would have enjoyed if the U.S. joined the Trans-Pacific Partnership.