ID :
280572
Wed, 04/10/2013 - 01:42
Auther :

Japan, U.S. Seen Finishing Talks on Japan's TPP Entry Soon

Tokyo, April 9 (Jiji Press)--Japan and the United States are close to concluding their preliminary talks on Japan's entry into Trans-Pacific Partnership free trade negotiations, it was learned on Tuesday. The preliminary consultations have "progressed substantially," Minister of Economy, Trade and Industry Toshimitsu Motegi said at a press conference. "We've got quite close to each other toward an agreement," he said. The Japanese government aims to conclude the bilateral preliminary talks as early as this week and join the multilateral TPP negotiations in July. Based on the outcome of the preliminary talks, the U.S. government will notify Congress of its intention to have Japan in TPP talks. U.S. approval of Japan's TPP entry will take at least 90 days. For its participation, Japan needs to obtain approval from all the current 11 TPP members, but it has yet to gain consent from four including the United States and Australia. In the preliminary talks, Japan and the United States have been intensively discussing issues in the auto and insurance sectors. Japan has agreed to give a moratorium on the removal of the U.S. tariffs on Japanese automobiles and to increase the maximum number of foreign vehicles imported through simplified procedures, to 5,000 units from 2,000 units. Japan has also explained its stance of making efforts to ensure a fair competitive environment between Japan Post Insurance Co., a unit of state-backed Japan Post Holdings Co., and private insurers. END

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