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Japan Gets Nod from U.S. to Join Trade Talks
The U.S. confirms that it has reached an agreement that will allow Japan to participate the Trans-Pacific Partnership free trade negotiations.
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The U.S. confirms that it has reached an agreement that will allow Japan to participate the Trans-Pacific Partnership free trade negotiations.
Under the deal, the two countries will hold separate, concurrent discussions about what the Obama administration contends are Japan's regulatory and non-tariff barriers to auto imports. They also agreed that the U.S. would phase out its own duties on Japanese vehicles 2.5% on cars and 25% on trucks over the longest period allowed by the final TPP pact.
Detroit automakers and United Auto Workers union oppose Japan's inclusion in the accord. They say the country still has other methods, including currency manipulation, to give its own carmakers a competitive advantage.
Japan's entry to the talks requires the approval of Congress. Democratic lawmakers allied with the industry vow to obtain tougher preconditions from the trade rival.
Japan now has the support of all but three of the 11 TPP member countries. It still needs the approval of Australia, Canada and New Zealand.
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