Japan, ASEAN FTA takes effect, starting with 4 countries

A comprehensive free trade agreement between Japan and the Association of Southeast Asian Nations entered into force Monday, Japanese officials said.

The FTA begins with Laos, Myanmar, Singapore and Vietnam, which have already completed domestic ratification procedures, they said.

This is Japan's first multilateral FTA and its eighth FTA after bilateral agreements with Singapore, Mexico, Malaysia, Chile, Thailand, Indonesia and Brunei.

The government is hoping the ASEAN-Japan Comprehensive Economic Partnership Agreement, signed in April, will help Japanese firms seize larger business opportunities in the fast-growing region overall.

Nobuo Katsumata, chairman of the Japan Foreign Trade Council, welcomed that the accord has become effective, saying, ''We hope it will become the foundation for deepening economic integration in East Asia.''

In October, Japan notified the 10-member ASEAN of the completion of its ratification of the economic partnership agreement, which is also aimed at facilitating investment and trade in services, in addition to trade in goods.

The trade agreement is scheduled to come into force similarly with six other members of ASEAN, including Indonesia, Malaysia and the Philippines, after they finish domestic procedures.

Kyodo News, 01.12.2008

 

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