Japan's Parliament OKs RCEP Free Trade Deal

Politics

Tokyo, April 28 (Jiji Press)--The Diet, Japan's parliament, on Wednesday approved the Regional Comprehensive Economic Partnership free trade deal among 15 Asian and Oceanian countries.

The RCEP deal was approved at a plenary meeting of the House of Councillors, the upper chamber of the Diet. The House of Representatives, the lower chamber, gave its approval earlier this month.

Under the deal, which will create a huge free trade area accounting for some 30 pct of global gross domestic product and trade, tariffs will be abolished for 91 pct of products, mainly industrial products.

The RCEP deal will be Japan's first economic partnership agreement involving China or South Korea. The remaining participants are Australia, New Zealand and the 10 member states of the Association of Southeast Asian Nations.

The pact will come into force after necessary domestic procedures are completed in at least six of the ASEAN member states and three other countries.

[Copyright The Jiji Press, Ltd.]

Jiji Press