Japan, U.S. Sign Beef Trade Safeguard Agreement

Politics

Tokyo, June 3 (Jiji Press)--Japan and the United States have formally agreed to revise the criteria for Tokyo to trigger a safeguard measure to curb U.S. beef imports, the Japanese Foreign Ministry said Friday.

The two governments have signed a revised protocol amending the safeguard measure under the bilateral trade pact.

The Japanese government hopes to gain parliamentary approval for the revision at an extraordinary session of the Diet, the country's parliament, envisioned for autumn.

Under the revised protocol, even if imports of U.S. beef exceed the low-tariff quota, an emergency tariff hike will not be invoked if the combined import volume of beef from the United States and member states of the Trans-Pacific Partnership free trade pact is below such a quota for beef from TPP members.

The new rule is expected to become effective from the ongoing fiscal year.

[Copyright The Jiji Press, Ltd.]

Jiji Press