Japan, Mongolia wrap up free trade deal

Japan, Mongolia wrap up free trade deal
TOKYO, July 22 (Xinhua) -- Japan and Mongolia on Tuesday reached a broad agreement on a free trade accord and deal for economic cooperation that will include Ulan Bator scrapping its tariffs on Japanese automobiles and Tokyo abolishing its levies on Mongolian industrial products imports.
Japanese Prime Minister Shinzo Abe during a summit meeting told visiting Mongolian President Tsakhiagiin Elbegdorj that Japan will make provisions for Mongolia's exports and contribute to the country's economic progress, in line with commitments made during the pair's summit last year.
Under the free trade agreement, negotiations of which began in 2012, Mongolia will scrap its 5 percent tariff on Japanese automobiles with an engine displacement of 4,500 cc or below, forthwith, and tariffs on other vehicles, including previously owned cars, will be abolished within 10 years, officials here said.
Used passenger vehicles comprise around 45 percent of Japan's total exports to Mongolia, with all-inclusive exports from Japan valued at around 288 million U.S. dollars in 2013. Mongolia's exports to Japan, of mainly natural resources, in the same period, totaled some 21 million U.S. dollars, according to trade statistics.
Japan, for its part, will reduce its 38.5-percent tariff on Mongolian processed beef and introduce a quota-based system, and scrap tariffs on the majority of industrial products imported from Mongolia, within 10 years.
Japan's benignancy towards assisting Mongolia's economic development, comes as Japan and the Democratic People's Republic of Korea (DPRK) have taken significant steps towards resolving the DPRK's abduction of Japanese nationals during the 1970s and 1980s.
Mongolia, with diplomatic ties with the DPRK, has previously assisted Japan with contacting DPRK officials over the abduction issue that has prevented Japan and the DPRK from normalizing relations.
The latest round of bilateral free trade negotiations between trade representatives from Ulan Bator and Tokyo began here on Saturday.
Source:Xinhua news agency
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