Recent reports that the Japanese legislature has ratified a free trade deal with the Association of Southeast Asian Nations (ASEAN) have been welcomed by Singapore's Ministry of Foreign Affairs.
An MFA spokesman described reports that emerged over the weekend of the Japanese Diet's ratification of the ASEAN-Japan Comprehensive Economic Partnership (AJCEP) Agreement, as "welcome news".
"It signals Japan's strong commitment to ASEAN," the spokesman stated.
"ASEAN and Japan are long-standing economic partners. Japan is among ASEAN's top three trading and investment partners, with a total trade volume of USD162bn (as of 2006). The AJCEP will boost two-way trade between ASEAN and Japan, and provide strong impetus for economic growth and prosperity in both regions," the MFA spokesman added.
According to the Agence France-Presse news agency, Japan automatically ratified the ASEAN free trade accord on Saturday because it had remained pending in the upper house for 30 days after approval by the lower house.
While the lower house, which is controlled by the ruling Liberal Democratic Party, voted to approve the ASEAN trade pact on 22nd May, the legislation stalled in the upper house where the opposition party has a majority.
The signing of the ASEAN-Japan Comprehensive Economic Partnership (AJCEP) Agreement, which took place on 15th April, brings the number of free trade agreements signed by ASEAN with major Dialogue Partners to three, the other agreements involving China and South Korea.
However, the AJCEP is ASEAN’s first economic partnership agreement that is comprehensive in scope. It covers such fields as trade in goods, trade in services, investment, and economic cooperation.
“With the AJCEP, we hope to encourage regional cumulation that will benefit Japanese investors like Toyota, Mitsubishi and Sony, which are operating and have huge investments in ASEAN countries, and ASEAN supporting industries as well,” ASEAN Secretary-General Dr Surin Pitsuwan commented at the time the AJCEP deal was signed.
ASEAN Member States comprise Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. From 2002 to 2006, the total FDI from Japan in ASEAN reached USD30.8bn.
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