Japan to accelerate FTA talks with GCC, East Asia
Kuwait News Agency
Japan to accelerate FTA talks with GCC, East Asia
TOKYO, Nov 2 (KUNA) — Japan will revitalize its efforts to conclude free trade agreements (FTAs) and investment accords with the Gulf Cooperation Council (GCC), East Asia and India, the top government spokesman said Thursday.
"Initial talks with GCC states to pursue FTA began in September," Chief Cabinet Secretary Yasuhisa Shiozaki told press conference after the Cabinet meeting, adding that Tokyo will try to speed up negotiation process. Japan depends on GCC countries for 75 percent of its oil needs and 23 percent of its natural gas needs, while Japan’s trade with the GCC totaled JPY 6.8 trillion (USD 58.6 billion) in 2004, trailing only China, the US and South Korea. Shiozaki also said Japan and Vietnam have agreed to start FTA talks next January, and negotiations with India are expected to start soon. Japan signed an FTA with the Philippines and reached a framework agreement with Chile in September.
At the Cabinet meeting, Japanese ministers also agreed to speed up FTA talks with the 10-member Association of Southeast Asian Nations (ASEAN) and a joint study by the Japanese and Australian governments on a bilateral FTA, according to Shiozaki.
The ASEAN and Japan, China and South Korea have held regular talks under the so-called ASEAN-plus-three format, and launched last year a 16-member East Asia Summit also with Australia, New Zealand and India. Japan has proposed an East Asian free trade agreement, but the ASEAN side said it is premature and lacks feasibility.
