Japan offers to drop 92 percent of U.S. trade tariffs: Nikkei

Fri Oct 4, 2013 4:20am IST

A man rides a bicycle past containers at a port in Tokyo August 19, 2013. REUTERS/Toru Hanai

A man rides a bicycle past containers at a port in Tokyo August 19, 2013.

Credit: Reuters/Toru Hanai

Related Topics

Coal Mining In The Punjab

Coal Mining In The Punjab

In Choa Saidan Shah miners dig coal with crude pick axes and load it onto donkeys to be transported to the surface earning a team of 4 workers around $10 to be split between them.  Slideshow 

(Reuters) - Japan has proposed dropping more than 92 percent of its tariffs on U.S. trade, under Trans-Pacific Partnership negotiations held last month, the Nikkei reported on Friday.

The offer was made late last month when the two countries exchanged proposals on tariff elimination for the first time in the talks, the daily said.

The Trans-Pacific Partnership is a free trade zone being negotiated by 12 nations -- the United States, Canada, Mexico, Peru, Chile, Australia, New Zealand, Singapore, Malaysia, Vietnam, Brunei and Japan.

Under the offer made last month, Japan said it was willing to end 65.6 percent of tariffs immediately after the free trade pact is ratified and another 26.8 percent when certain conditions are met, the paper said.

The U.S. pushed for a higher rate, the Nikkei reported, quoting people familiar with the matter.

Until now, Japan has declared five categories of agricultural trade as off-limits, including rice, dairy products and sugar, which add up to 586 different items. Another 248 farm, fishery and forestry items have never been subject to tariff removal, the daily said.

Maintaining import duties on all 929 of these items, and dropping them on everything else would liberalize only 89.7 percent of trade, less than the 92.4 percent that Japan has offered, the Nikkei said.

The proposal suggests Japan is willing to make concessions on about 240 of the 929, potentially including low-volume items in the untouchable categories, the paper said.

(Reporting by Neha Alawadhi in Bangalore; Editing by Anthony Kurian)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

WTO Row

WTO Row

U.S. raises stalled WTO talks with India, no sign of breakthrough  Full Article 

Fed Policy

Fed Policy

Fed presses forward with bond buying, cites uptick in inflation.  Full Article 

Q2 Profit Slips

Q2 Profit Slips

Samsung sees tough second half  Full Article 

Chinese Economy

Chinese Economy

China should set lower 2015 GDP growth target of 6.5-7 percent - IMF  Full Article 

Default Imminent

Default Imminent

Argentina fails to reach debt agreement   Full Article 

Economy Reboots

Economy Reboots

U.S. economy back on track with strong second-quarter rebound  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage