Japan and the United States agreed on principles for the development of trade relations

© Fotolia / GivagaАмериканский dollar. Archival photoJapan and the United States agreed on principles for the development of trade relations© Fotolia / Givaga

Japan and the United States will promote the development of trade relations, based on the reduction of trade barriers and mutual benefit.

The agreement was reached on Saturday between Minister of economy, trade and industry of Japan, Hiroshige Seko and U.S. representative Robert Leitheiser.

«We have reached an agreement to promote trade relations (between our countries) that would be best for each party and based on high standards of combating trade barriers and deformation mechanisms of trade», — quotes Agency Kyodo statement Hiroshige Seko.

Japan ratified the agreement on the TRANS-Pacific partnership (TPP) at the end of last year. Immediately after the signing of Donald trump’s Memorandum on the U.S. withdrawal from the agreement on the TPP, Tokyo has said it will continue to convince the new us administration to join in this agreement but untrue conclusion partnerships 11 countries without the United States, as this will close the road to participate in the future. According to many experts, without the US partnership, resulting in the reduction or abolition of customs duties for its members, will lose the meaning and scale.

The TPP — a trade agreement signed in February 2016 between 12 countries in the Asia-Pacific region, which aims the reduction of tariff barriers, and the regulation of the internal rules in the participating countries in such areas as labor law, environment, intellectual property, and several others.

In addition to the United States that prepared the document, it was signed by Canada, Australia, New Zealand, Singapore, Malaysia, Brunei, Vietnam, Japan, Mexico, Chile and Peru.