Japan will have to refuse from customs duties on 95% of imported goods under the agreement of 12 countries of the Trans-Pacific Partnership, concluded in early October. This the Japanese government announced on Tuesday, according to Nikkei Asian Review.
Cancellation of customs duties will affect 8,575 of 9,018 items of industrial and agricultural products. Fees will also be abolished on 1,885 names of fruits and vegetables, which is 81% of the total number of agricultural products (2,328 products). In the category of industrial goods cancellation fees affect all 6,642 position.
Minister of Economic Recovery of Japan Akira Amari said the agreement “generally favorable” for the country. “The percentage of agricultural products, exempt from customs duties is as high as 19%,” said the Minister of Agriculture of Japan Hiroshi Moriyama.
Participants in the agreement on the establishment of Trans-Pacific Partnership plan to establish a free-trade area in the Asia-Pacific region. Participants to the agreement are the US, Canada, Mexico, Peru, Chile, Japan, Malaysia, Brunei, Singapore, Vietnam, Australia and New Zealand.