Japan, U.S. Sign Trade Deal, Aiming for Jan. 1 Effectuation

Economy Politics

Washington, Oct. 7 (Jiji Press)--Japan and the United States officially signed a bilateral trade deal at the White House on Monday, aiming to put it into force on Jan. 1, 2020.

The signing took place between Japanese Ambassador to the United States Shinsuke Sugiyama and U.S. Trade Representative Robert Lighthizer in the presence of U.S. President Donald Trump.

The new deal "will create countless jobs, expand investment and commerce, reduce our trade deficit very substantially, promote fairness and reciprocity and unlock the vast opportunities for growth," Trump said at the signing ceremony.

The president called the pact "a game changer for our farmers and ranchers," apparently aiming to spotlight his achievement ahead of next year's U.S. presidential election.

According to the Japanese government, the Japan-U.S. deal, the Trans-Pacific Partnership multilateral free trade pact including Japan and the Japan-European Union economic partnership agreement will together create a free trade bloc covering 60 pct of the global economy. The TPP and the Japan-EU EPA took effect late last year and in February this year, respectively.

[Copyright The Jiji Press, Ltd.]

Jiji Press