Japan, Thailand sign free trade pact |
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Published
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Tue, 03 Apr 2007 11:29
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TOKYO (XFN-ASIA) - Japan and Thailand have signed a free-trade agreement scrapping more than 90 pct of tariffs imposed by the two countries.Prime Minister Shinzo Abe signed the pact in a ceremony in Tokyo with his army-installed counterpart Surayud Chulanont.'I am grateful that I have been able to see Abe and that his cabinet has agreed to sign the economic partnership agreement,' said Surayud, paying his first visit to a Group of Eight nation.The deal, which had been negotiated by Thailand's ousted former premier Thaksin Shinawatra, is expected to boost Japanese automakers' reliance on the kingdom.Under the agreement, about 97 pct of Japanese exports to Thailand and 92 pct of Thai exports to Japan will be tariff-free within 10 years.Tokyo will scrap tariffs on Thai shrimp and tropical fruit such as mangoes and durian, although it will keep protecting Japan's rice farmers.Thailand will cut tariffs on automobiles with engines of 3000 cc or larger to 60 pct from 80 pct over four years and eventually scrap all tariffs on steel imports.afp
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