Vietnam Signs ASEAN-Japan Comprehensive Economic Partnership Pact
Vietnamese Minister of Industry and Trade Vu Huy Hoang April 1 signed a comprehensive economic partnership ASEAN-Japan agreement (AJCEP), the local Thanh Nien newspaper said on April 2.
Under the pact, Japan, which is the ASEAN’s third largest trade partner with the trade volume of roughly US$200 billion, will cut 93 per cent of import duties on commodities imported from ASEAN countries in the next decade, the newspaper said.
Six ASEAN countries such as Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand will axe 90 per cent of import tariffs imposed on goods imported from Japan during the period, the newspaper added.
Each member of the ASEAN bloc will approve this month.
So far, Japan has invested US$10 billion in ASEAN countries, ranking the first. (Young People Online)
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