Main points of Japan-Thailand free trade pact |
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Published
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Tue, 03 Apr 2007 10:49
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TOKYO (XFN-ASIA) - The free trade agreement signed by Japan and Thailand today will scrap tariffs on more than 90 pct of traded goods within 10 years.The main points of the agreement, as provided by Japan's foreign ministry are:- Overall: About 97 pct of Japanese exports to Thailand and 92 pct of Thai exports to Japan will be tariff-free within 10 years.- Agriculture: Japan will immediately scrap tariffs on imports of processed shrimp and tropical fruits such as mango, papaya and durian, and halve tariffs on boneless and cooked chicken within five years. It will keep rice tariffs.- Automobiles: Thailand will cut tariffs on automobiles with engines of 3000cc or larger to 60 pct from 80 pct over four years, and consider cuts for vehicles with larger engines.- Auto parts: Thailand will scrap tariffs on auto parts within seven years.- Steel products: Thailand will immediately scrap tariffs on half of all steel imports from Japan and end tariffs on the remainder within 10 years.- Investor Protection: Thailand pledges not to toughen rules for existing Japanese investments. New investments, however, will be subject to the country's controversial currency controls that require 30 pct of all incoming investment to be held by financial institutions for up to one year.- Intellectual Property Rights: Both countries will strengthen protection for intellectual property rights. Japan assures Thailand that its firms will not unfairly patent genetically modified micro-organisms used in the food and medical industries -- one of the main concerns of Thai opponents of the deal.- Labor: Japan will allow more Thai cooks to work in Japan by shortening the required minimum work experience to five years from 10, and continue discussions on rules for Thai spa therapists and care workers.afp
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