SINGAPORE, Nov. 21 (UPI) -- Japan and the ASEAN Wednesday agreed on a free trade deal calling for the repeal of tariffs on 90 percent of imports.
The agreement, which must be ratified by parliaments of Japan and the 10 members of the Association of Southeast Asian Nations before it becomes effective, was concluded in Singapore where the ASEAN group is having its summit.
Japan, China and South Korea are three outside countries that participate in ASEAN meetings. With the latest agreement, Japan joins the other two in having free trade arrangements.
Japan will eliminate import tariffs immediately after the deal takes effect, while six of the major ASEAN members -- Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand -- will take 10 years to do so. The other four -- Cambodia, Myanmar, Laos and Vietnam -- will do so more gradually, the report said.
"I would like to further strengthen the Japan-ASEAN relations that our predecessors have built and will give my utmost to expand our strategic partnership," Japanese Prime Minister Yasuo Fukuda was quoted by a Japanese official as saying at the meeting, Kyodo reported.
Japan will provide $300 million to ASEAN over the next five years to improve maritime safety.
