US-Japan Limited Trade Deal to Come Into Effect by the Beginning of 2020
According to a report on Nikkei, the limited trade agreement signed between the US and Japan recently will be implemented from January 1, 2020. Japanese Foreign Minister Toshimitsu Motegi confirmed the date in an interview with Nikkei.
The US and Japan signed the limited trade deal in September when Japanese PM Shinzo Abe visited New York. The limited trade deal opens up Japanese markets for greater agricultural imports from the US while the US has cut down tariffs on industrial goods imported from Japan.
As a next step, the agreement awaits ratification by Japanese lawmakers, following which it will be presented before the parliament which reconvenes today. Motegi expressed hope that the trade deal will receive lawmakers’ approval and be ratified soon.
New trade negotiations are expected to happen within four months of implementation of the trade deal. While this present agreement does not cover the issue of tariffs on Japanese automobiles and auto parts, Motegi remains hopeful that this issue will be tackled in the upcoming round of negotiations.
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