15:03 GMT +318 January 2018
Listen Live
    Anti-TPP protest

    Japan to Lift 95% of Import Duties After Controversial TPP Trade Pact

    © Flickr/ Backbone Campaign
    Business
    Get short URL
    109

    Japan will be forced to lift 95 percent of its import tariffs as soon as the controversial Trans-Pacific Partnership (TPP) agreement is ratified, the Japanese chief cabinet secretary said Tuesday.

    TOKYO (Sputnik) – Twelve countries of the Pacific Rim, including Japan and the United States, that encompass some 40 percent of global production, reached an agreement on the wording of the TPP on October 5.

    "Our tariff removal is 95 percent and the other 11 countries is 99-100 percent, so we voluntarily and actively engage in the negotiation to protect our national interests," Yoshihide Suga said at a press conference.

    According to the details of the planned tariff removal revealed by the Japanese government on Tuesday, the import duties on 8,575 out of the 9,018 products named in TPP will be eliminated.

    Despite Tokyo’s promise to protect farmers at home, the tariffs on 1,885 out of the 2,328 farm products (or 82 percent) are due to be lifted with immediate effect. Rice, beef, pork and other sensitive items are exempted from trade liberalization under TPP.

    Suga said Tokyo is aware of the concerns voiced by farmers and vowed to "take necessary measures."

    Japanese agricultural producers fear that cheap foreign produce will flood into their domestic market once TPP is ratified.

    TPP envisages significant trade deregulation between the United States, Japan, Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.

    The unusual secrecy surrounding the TPP negotiations, and the uncertain implications of the deal for workers’ rights, national sovereignty, employment, copyright and the environment have drawn heavy criticism from members of government, economics experts and the public.

    Related:

    TPP Poses Danger to Canada, May Result in Lawsuits - Green Party Candidate
    US, China & TPP: 'As Much About Power in Asia as It Is About Free Trade'
    Some 40 Percent of US Citizens Believe Exit From TPP Will Improve Economy
    Chile-Russia Trade Relations Unaffected by TPP Deal
    Tags:
    import duties, Trans-Pacific Partnership (TPP), Yoshihide Suga, Japan
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment