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Japan, Chile sign free trade deal
AFP
TOKYO
Petroleumworld.com 03 28 07
Japan on Tuesday signed a free trade deal with Chile, its first such pact with a South American nation that will eliminate tariffs on more than 90 percent of trade.
Japan quickly sealed the deal with Chile, which had already signed a free trade agreement with China in 2005.
Chile is Japan's biggest provider of coal and provides Asia's largest economy with a quarter of its salmon.
Japanese Foreign Minister Taro Aso and his Chilean counterpart Alejandro Foxley signed the agreement in a joint ceremony in Tokyo.
"By accelerating and developing a strategic economic alliance in various fields between Japan and Chile, Japan expects that both our economies will be vitalised markedly," a Japanese foreign ministry statement said.
Japan, the world's second largest economy and a major exporter, has been seeking a growing number of free trade deals as global liberalisation talks languish.
Since signing its first agreement with Singapore in 2002, Japan has sealed deals or their framework with Brunei, Indonesia, Mexico, Malaysia, the Philippines and Thailand.
It is also in negotiations with India, South Korea and Gulf states and next month will open talks with Australia.
The pact with Chile will eliminate tariffs on some 92 percent of trade but will not extend to sensitive farm produce such as rice, which Japan strongly protects.
Under the deal, Santiago will immediately lift its six percent tariff on Japanese cars and also lift duties on machinery, electronic equipment and products such as Japanese green tea and sake rice liquor.
Tokyo in turn will gradually eliminate its three percent tariff on Chilean copper, its 3.5 percent tariff on Chilean salmon and its 17.6 percent tax on Chilean wine.
AFP 27 1239 GMT 03 07
Copyright© 2007 AFP. All Rights Reserved.
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