- freeimages.com/morderskaJapan is considering plans to cut tariffs on a certain amount of pork and beef imports from the United States.
Japan is considering plans to cut tariffs on a certain amount of pork and beef imports from the United States over a period of 10 years, as part of the Trans-Pacific Partnership (TPP).
The potential TPP agreement is a free trade deal among 12 nations, which account for about 40 percent of the global economy.
According to Nikkei business daily, Japan plans to propose the TPP quotas in which it would accept certain products including beef, pork, dairy and rice at low or no tariffs. Japanese Prime Minister Shinzo Abe has committed to protect certain farm markets such as beef, pork, along with dairy, wheat and sugarcane, under the TPP.
Japan is planning to set TPP quota for beef at 500,000 tons annually, while the quota for pork will be at around 500,000 to 600,000.
Reuters Africa reported that the tariff on beef would be reduced to about 10 percent from the current 38.5 percent for more than 10 years. However, the tariffs will be increased for imports beyond the given quota in order to protect domestic producers.
Japan imports over 760,000 metric tons of pork annually, with the U.S. and Canada accounting for more than 60 percent, Nikkei reported.