Japan exports a variety of things including transportation, electronics, food, chemicals, and many others. Japan’s main export partners include China, the US, South Korea, and others.
China–Japan–South Korea Free Trade Agreement
A proposed free trade deal involving China, Japan, and South Korea is the China–Japan–South Korea Free Trade Agreement. In 2002, China, Japan, and South Korea proposed a free trade agreement. The process of negotiating the agreement began in 2012. The three countries account for 19.6% of the global GDP. The first official meetings on the subject took place in Seoul on March 26–28, 2013. Throughout 2013, more talks were held in China and Japan, with more planned for early 2014. In 2013, bilateral trade between South Korea and China totaled $230 billion.
All three countries have agreed to a trilateral investment. A deal would accelerate Asia’s economic integration. Their close and progressive trade relationship would help the entire Asian economy, as well as the rest of the world economy.
Based on the consensus reached in the Regional Comprehensive Economic Partnership Agreement (RCEP), in which the three parties all participated, the three parties unanimously agreed to increase the level of trade and investment liberalization and to incorporate high-standard rules to create an RCEP Plus free trade agreement. Negotiations may be accelerated as a result of the present US government’s “Trade War” with China, according to reports.
Indonesia–Japan Economic Partnership Agreement
Indonesia–Japan Economic Partnership Agreement is a bilateral agreement between Indonesia and Japan that went into effect on July 1, 2008, after being signed on August 20, 2007. It was Indonesia’s first bilateral free trade deal, initiated by Japanese Prime Minister Junichiro Koizumi. Indonesia has requested a revision of the agreement’s provisions since 2013, and talks are presently underway.
The agreement included stipulations relating to tariff-free trade of goods and services between the two nations, as well as changes to investment restrictions to entice Japanese investors to invest in Indonesia. Intellectual property, customs processes, and energy/mineral resources were among the issues covered. Some Indonesian nurses were also permitted to work in Japan as a result of the arrangement.
Japan–Philippines Economic Partnership Agreement
JPEPA is an economic cooperation agreement between Japan and the Philippines that covers bilateral investment and free trade. On September 9, 2006, Japanese Prime Minister Junichiro Koizumi and Philippine President Gloria Macapagal Arroyo signed it in Helsinki, Finland. It is the Philippines’ first bilateral trade agreement since the 1946 Parity Rights Agreement with the United States. There are 16 Chapters, 165 Articles, and 8 Annexes in this treaty.
The following are the goals of the JPEPA agreement:
- Establish appropriate procedures for implementing and operating this Agreement, as well as for resolving disputes.
- Encourage transparency in the application of laws and regulations on the subject area of this agreement.
- Create a framework for expanding bilateral collaboration and improving the business climate.
- Encourage competitiveness by addressing anti-competitive behavior and cooperating in the sector.
- Strengthen intellectual property protection and collaboration in the sphere of intellectual property to boost trade and investment between Japan and the Philippines.
- Encourage government procurement to be more transparent.
- In Japan and the Philippines, expand investment opportunities and increase protection for investments and investment operations.
- Make the outcomes of conformity assessment procedures for items or processes more widely recognized.
- Liberalize and ease commerce between Japan and the Philippines in products and services.
Japan–Thailand Economic Partnership Agreement
Thailand and Japan have signed a free-trade deal known as the Japan–Thailand Economic Partnership Agreement (JTEPA). The agreement called for the elimination of tariffs on more than 90% of bilateral trade within ten years. The Prime Minister of Japan, Shinz Abe, and the visiting Prime Minister of Thailand, Surayud Chulanont, signed it on April 3, 2007, in Tokyo, Japan. Following agreements with Singapore, Malaysia, and the Philippines, this was the fourth in a series of similar bilateral trade agreements signed by Japan.
Japan swiftly abolished tariffs on practically all Thai industrial products. Thailand also reduced taxes on half of all Japanese steel imports right away. Thailand will lower taxes on Japanese autos with engines displacing 3000 cc or more from 80 percent to 60 percent immediately. It was hoped that Japanese companies would be able to sell more vehicles and electronic goods in Thailand, while Thailand would benefit from Japanese corporations outsourcing basic production.
