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U.S. May Clear Japan to Join Trans-Pacific Trade Talks
Japan and the U.S have reached a framework agreement that removes a major obstacle to Japan's participation in the Trans-Pacific Partnership free trade talks, according to Japanese press reports.
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Japan and the U.S have reached a framework agreement that removes a major obstacle to Japan's participation in the Trans-Pacific Partnership free trade talks, according to Japanese press reports.
The countries are expected to announce on Friday that the U.S. will maintain its tariffs of 2.5% and 25% on Japan-made cars and trucks, respectively. In exchange, American negotiators have agreed to review the touchy issue of Japan's duties on agricultural imports from the U.S.
If a deal has been reached, President Barack Obama will need to obtain Congressional approval to let Japan join the negotiations.
Japan needs the approval of all 11 countries taking part in the TPP negotiations. Seven have already agreed, but Japan still needs the support of Australia, Canada and New Zealand.
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