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Japan diet starts debates on RCEP free trade deal

Nippon - 2 April 2021

Japan diet starts debates on RCEP free trade deal

The Diet, Japan’s parliament, on Friday started debates on whether to approve the Regional Comprehensive Economic Partnership free trade deal, which was agreed on by Japan and 14 other nations in November last year.

The deliberations kicked off at a plenary meeting of the House of Representatives, the lower chamber of the Diet.

Under the deal, which will create the world’s largest free trade area accounting for some 30 pct of global gross domestic product and trade, tariffs will be abolished for 91 pct of products, mainly industrial products.

Having signed the deal besides Japan are China, South Korea, Australia, New Zealand and the 10 member states of the Association of Southeast Asian Nations.

RCEP will be Japan’s first economic partnership agreement with China or South Korea.

 source: Nippon