In a joint statement issued after their talks and the signing of the document on the sidelines of the 74th session of the UN General Assembly in New York (US), the leaders affirmed that the two countries have reached a bilateral trade agreement on reducing tariffs on agricultural and industrial goods. At the same time, they agreed to curb actions that run counter to the spirit of initial commitments, while striving to work out solutions to the tax-related disagreements and continuing to conduct consultations to reach a comprehensive deal within the next few months. Under the “initial-phase” agreement, Japan will reduce tariffs on US$7 billion worth of agricultural goods imported from the US, including beef, pork, wheat and buckwheat. In return, the US will reduce taxes on US$40 million of agricultural products and loosen the duty-free quotas on Japanese beef imports. Notably, the text of the agreement contained no explicit assurances, but the Japanese side received the strong commitment of the US President to not raising tariffs on car imports from Japan. The leaders of the two countries welcomed the signing of the initial trade deal after more than a year of negotiations and affirmed that they would implement it… Read full this story
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