|
|
|
|
Search: 
Latin American Herald Tribune
Venezuela Overview
Venezuelan Embassies & Consulates Around The World
Sites/Blogs about Venezuela
Venezuelan Newspapers
Facts about Venezuela
Venezuela Tourism
Embassies in Caracas

Colombia Overview
Colombian Embassies & Consulates Around the World
Government Links
Embassies in Bogota
Media
Sites/Blogs about Colombia
Educational Institutions

Stocks

Commodities
Crude Oil
US Gasoline Prices
Natural Gas
Gold
Silver
Copper

Euro
UK Pound
Australia Dollar
Canada Dollar
Brazil Real
Mexico Peso
India Rupee

Antigua & Barbuda
Aruba
Barbados
Cayman Islands
Cuba
Curacao
Dominica

Grenada
Haiti
Jamaica
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines

Belize
Costa Rica
El Salvador
Honduras
Nicaragua
Panama

Bahamas
Bermuda
Mexico

Argentina
Brazil
Chile
Guyana
Paraguay
Peru
Uruguay

What's New at LAHT?
Follow Us On Facebook
Follow Us On Twitter
Most Viewed on the Web
Popular on Twitter
Receive Our Daily Headlines


  HOME | Business & Economy (Click here for more)

Japan Passes Bill to Ratify Regional Free Trade Association Agreement

TOKYO -- Japan approved a legislative project Wednesday to ratify the Regional Comprehensive Economic Association, the largest free trade agreement in the world, and called it "the foundation for trade in Asia."

The measure represents a further step toward the implementation of the pact closed in November at a 15-country virtual summit in Asia-Pacific, composed of Japan – the world’s third-largest economy – and China, the second.

The pact must be endorsed by Japan’s parliament, expected to happen "at an early date" before the end of the current parliamentary session in June, Trade Minister Hiroshi Kajiyama said at a Wednesday press conference.

The minister said the agreement will serve as a "foundation for trade" in the Asia-Pacific region and to "establish a proper economic order."

The trade pact will be the first to bring Tokyo and – Japan's main trading partner– Beijing together, as well as South Korea and countries such as Australia, Indonesia, Laos and Vietnam.

For its entry into force, the association must be ratified by at least six Association of Southeast Asian Nations (ASEAN) members and three of its external partners. The treaty is seen as a platform that supports China’s strength as an Asia-Pacific economic power, to the detriment of the United States.

The agreement will eliminate about 90 percent of import tariffs within two decades of its entry into force, and will establish common rules on investment, electronic commerce or intellectual property.

The gross domestic product of the signatory countries is equivalent to 30 percent of the global economy, while the agreement represents about 28 percent of world trade and a market of about 2.2 billion people, about a third of the world’s population.
 

Enter your email address to subscribe to free headlines (and great cartoons so every email has a happy ending!) from the Latin American Herald Tribune:

 

Copyright Latin American Herald Tribune - 2005-2021 © All rights reserved