Japan to lift tariffs on contentious farm items under TPP. (Photo: DPA)
The Japanese government on October 20 revealed the recently-concluded TPP agreement, under which Japan will eliminate import tariffs on 95% of 9,018 products covered.
It is the highest liberalization rate among free trade agreements Japan has concluded, the Nikkei Asian Review reported.
Japan is to eliminate import tariffs on many agricultural products, excluding some sensitive items such as rice, beef and pork. The elimination of tariffs is to cover 51% of 2,328 farm products immediately after the pact takes effect. Eventually, import tariffs of 81% of the products are to be removed.
Vietnam has an 11-year road map to eliminate the 47% tariff on beer, 55% tariff on whiskey imported from Japan, and tariffs of the other alcoholic drinks, according to the newspaper.
The Japanese Times last week reported Vietnam will remove tariffs of 83% to 85% on Japanese motorbikes in eight years’ time. Vietnam together with the U.S. and Canada will eliminate tariffs on Japanese cars in 10 to 20 years’ time, according to The Mainichi.
Akira Amari, Japan’s minister for economic and fiscal policy, who was also in charge of the TPP talks, said at a regular press conference on Tuesday that the TPP is “balanced as a whole.” Japan has successfully protected the core part of five key agricultural product categories, including rice, he added.
Trade between Vietnam and Japan increased 5.69% year-on-year to $21.29 billion in the first nine months of this year, with the former incurring a deficit of $435.25 million.