The Japanese government hopes that the National Assembly will pass this bill before the end of the 67-day meeting, which is expected to close on December 9 to complete the procedures before January 1, 2020 that America wants.
On October 15, the Japanese cabinet agreed on a bill to approve a new trade agreement with the US, paving the way for the agreement to be discussed in Congress.
The Government of Japan hopes that the National Assembly will pass this bill before the end of the 67-day meeting, which is expected to close on December 9, to complete the procedures before January 1, 2020, which is the term that the US wants the deal to take effect.
According to Kyodo news agency, Japanese Prime Minister Shinzo Abe is expected to explain the trade deal with the US in Congress. It is likely that parliamentarians will focus on the potential impact of this agreement on the Japanese economy and whether this agreement is in compliance with the provisions of the World Trade Organization (WTO) or is not.
The bilateral trade agreement between Japan and the United States was signed on October 7. Prime Minister Abe said that the deal protects Japan’s national interests. He affirmed that the agreement would benefit Japanese consumers, manufacturers, workers and all people.
Earlier, at a sideline meeting of the United Nations General Assembly in New York on September 25, Prime Minister Shinzo Abe and US President Donald Trump announced that the two sides had reached a bilateral trade agreement to Reduce taxes on agricultural and industrial products.
Accordingly, Japan will reduce import duties on US $7 billion of US agricultural products, including wheat, barley, beef and pork. In return, the United States reduced import duties on $40 million of Japanese farm produce and eased its duty-free import quotas on beef. This agreement does not cover the automotive sector.
According to the Japanese government, the reduction of tariffs on American goods will give people access to products such as beef, pork, cheese and wine at lower prices. In return, in order to mitigate the impact of this agreement on domestic farmers, the Abe administration plans to take measures to improve competitiveness before the agreement comes into effect.
It is likely that opposition party parliamentarians in Japan will focus on the nature of the US tax-related deal imposed on Japanese exports. Japanese Foreign Minister Toshimitsu Motegi, who is also the head of the trade negotiation delegation with the US, said the two sides would continue to negotiate on automotive tax issues in the context of the automobile industry is witnessing the development trend of the car. electric and auto vehicles.
Currently, the US is applying a 2.5% tax on Japanese cars.