RCEP to create opportunities for Japanese manufacturers, farmers: minister

Prime Minister Yoshihide Suga (L) and Minister of Economy, Trade and Industry Hiroshi Kajiyama attend the online signing ceremony for the RCEP on November 15 at the Prime Minister's Office in Tokyo (Source: Kyodo)

The Regional Comprehensive Economic Partnership (RCEP) Agreement will create new opportunities for Japanese manufacturers and farmers, and contribute greatly to increasing Japan’s exports to Asia, Japanese Minister of Economy, Trade and Industry Hiroshi Kajiyama said on November 15.

The 15 signatories are seeking to wrap up domestic procedures and put the pact into effect “as quickly as possible,” Kajiyama told reporters after the deal was signed.

The deal will take effect after ratification by six members of the Association of Southeast Asian Nations and three of the other countries.

Under the deal, Japan will eliminate 61 percent of tariffs on agricultural product imports from ASEAN nations, Australia and New Zealand, 56 percent for China, and 49 percent for the Republic of Korea, while maintaining tariffs on five product categories - rice, wheat, dairy products, sugar, and beef and pork - to protect domestic farmers.

Meanwhile, the other 14 countries will cut tariffs on 92 percent of Japanese industrial exports including automobile parts and steel products./.

VNA