As members of the Trans-Pacific Partnership (TPP) are expected to finalize their pledges before the year ends, it was learned that Japan may cut tariffs on items that are part of the deal by up to 89 percent. Japan may have bilateral trade agreements with some of the members, but Japan has only joined the TPP talks in July this year.
By mid-September, Japan offered to cut tariffs up to 85 percent for nine TPP members. But the country was urged to include other items with abolished taxes. To improve its initial offer, Japan expanded its tariff abolition plan, which was shown to New Zealand and Singapore in late September. However, it is not new if there is variation of tariff cut among the members of the TPP, as making a conclusion depends on the agreement of parties involved.
So far, Japan’s highest tariff cut is 88.4 percent, which has been agreed on with the Philippines. Japan has also offered a 90 percent cut on tariffs for the United States, but it is yet to be finalized. The Japanese Government is also considering cutting wine tariffs, hoping to receive the same favour on its sake. However, Japan is still excluding dairy products, beef, pork, sugar, and rice from items with cuts.
[via Asahi Shimbun]