Japan and Philippines reach an agreement on steel tariffs
As previously reported by SteelOrbis, the talks on the Free Trade Agreement (FTA) between Japanese and Philippine officials failed last week due to the disagreement on the subject of steel tariffs applied by
Philippines on Japanese steel products.
During the final negotiations,
Philippines officials agreed to reduce tariffs on 30% of Japanese steel imports and gradually reduce the remaining levies.
The agreement with
Philippines will be the third FTA for
Japan following the FTAs with
Singapore and
Mexico.
Moreover, the FTA with
Philippines is expected to speed up FTA negotiations between
Japan and its other Asian trade partners,
Malaysia, South
Korea and
Thailand.