Regional Trade Agreements And Member Countries Japan

Six important agreements have been concluded between the EU and Japan to date. First, Japan should pursue free trade agreements with the Republic of Korea and ASEAN and, on the basis of these principles, efforts should be made in the medium and long term to conclude free trade agreements with other East Asian countries and regions, including China. (3) The possibility of using free trade agreements to help developing countries conclude free trade agreements with developing countries could also serve as a political instrument to promote the economic development of these countries, including those in Africa. Traditional trade relations between the EU and Japan were once characterized by large trade surpluses in favour of Japan. Taiwan is a separate customs territory under the WTO agreement and, although the possibility of concluding a free trade agreement with a WTO member is theoretically and technically a potential issue, Taiwan`s tariffs are already low, so tariff reductions achieved by a free trade agreement would not bring any major benefit to both parties. It would be more appropriate to consider strengthening economic relations in certain relevant areas. (1) Free trade agreements with economic benefits have the effect of increasing import and export markets, moving to more efficient industrial structures and improving the competitive environment. In addition, free trade agreements help reduce the likelihood that economic frictions will become political problems and help expand and harmonize existing trade-related rules and systems. The other important area in which Japan interacts with international economic institutions is in the financial and development field. (These two institutions must be discussed together when the IMF, the most important international financial institution, has not become, for no other reason, an institution that is primarily relevant to developing countries. However, the debate on bilateral foreign aid programmes goes beyond the scope of this document.) In the financial and development field, similar issues are repeated, disagreements on substantive and central governance issues, and a possible Japanese and Asian desire to follow its own paths.