TOKYO – The Japanese Government’s Upper House accredited the USA-Japan Trade Agreement on Dec. 4.
In October, the alternate deal became officially signed by means of US President Donald Trump and Japanese Prime Minster Shinzō Abe.
“With america-Japan trade agreement now authorised with the aid of the Japanese Parliament, america beef and beef industries sit up for expanded possibilities in Japan, which is already the largest fee destination for US red meat and pork exports,” said US Meat Export Federation (USMEF) president and CEO Dan Halstrom. “This agreement is one among the biggest traits within the history of red meat exchange, as no international marketplace delivers more benefits to US farmers and ranchers, and to the whole US supply chain, than Japan.”
In the US-Japan Trade Agreement, Japan has devoted to provide good sized market get entry to to US food and agricultural merchandise by means of getting rid of tariffs, enacting meaningful tariff discounts, or permitting a selected quantity of imports at a low duty (commonly 0). The tariff remedy for the goods protected in this settlement will match the tariffs that Japan affords preferentially to international locations in the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) settlement.
Many US agriculture associations assist this new deal as it ranges the gambling field with other international locations which might be part of the CPTPP.
According to america Dept. Of Agriculture, out of the $14.1 billion in U.S. Food and agricultural products imported with the aid of Japan in 2018, $five.2 billion have been already duty free. Under this first-stage preliminary tariff settlement, Japan will eliminate or lessen price lists on a further $7.2 billion of US meals and agricultural products.
In November, more than 30 US meals and agriculture corporations submitted a letter to the US House of Representatives Ways and Means Committee urging assist for the fast implementation of a Phase One US- Japan Trade Agreement that turned into negotiated earlier this year.