Japans Senate approves Japan US trade agreement or takes effect on January 1 next year

category:Finance
 Japans Senate approves Japan US trade agreement or takes effect on January 1 next year


In the subsequent vote, the bill was passed because the Liberal Democratic Party, the Komeito party and the Japan reform and Reform Commission held a majority of votes, the report said. At a recent cabinet meeting, the Japanese government will notify the US after making a formal decision on the conclusion of the Japan US trade agreement.

According to reports, the agreement will come into force automatically 30 days after both parties complete their approval procedures and notify the other party, or the two parties will negotiate another effective date. At present, Japan and the United States are making final adjustments to make the agreement effective in January 1, 2020. For the next negotiation on automobile tariff, according to the Japan US joint statement reached in September, the consultation will be held within four months after the agreement comes into force. However, the joint statement only states that the two sides have the intention to negotiate again, and does not clearly state that the two sides will negotiate, so whether the subsequent consultation can be carried out is still unknown. Japanese Prime Minister Shinzo Abe and US President trump held talks in New York on the afternoon of September 25 local time (early morning of September 26 local time) to reach a final agreement on the conclusion of a trade agreement and sign documents. Kyodo News Agency previously commented that the Japan US trade agreement failed to lift tariffs on Japanese cars and related parts, and the benefits to Japanese industry after its entry into force are expected to be very limited. Source: First Financial Editor: Wang Xiaowu NF

According to reports, the agreement will come into force automatically 30 days after both parties complete their approval procedures and notify the other party, or the two parties will negotiate another effective date. At present, Japan and the United States are making final adjustments to make the agreement effective in January 1, 2020.

For the next negotiation on automobile tariff, according to the Japan US joint statement reached in September, the consultation will be held within four months after the agreement comes into force. However, the joint statement only states that the two sides have the intention to negotiate again, and does not clearly state that the two sides will negotiate, so whether the subsequent consultation can be carried out is still unknown.

Japanese Prime Minister Shinzo Abe and US President trump held talks in New York on the afternoon of September 25 local time (early morning of September 26 local time) to reach a final agreement on the conclusion of a trade agreement and sign documents. Kyodo News Agency previously commented that the Japan US trade agreement failed to lift tariffs on Japanese cars and related parts, and the benefits to Japanese industry after its entry into force are expected to be very limited.