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Monday, April 2, 2012

Canada-Japan free trade agreement negotiations have begun

The launch of negotiations towards a free trade agreement between Canada and Japan was announced during Prime Minister Harper's visit to Tokyo last weekend.

A joint study published at the beginning of this month concludes that an agreement would deliver substantial gains for both countries, including increased economic output, GDP growth and consumer welfare, along with strengthened bilateral trade opportunities for energy, other natural resources and food products.

Canada will notably seek the elimination of Japan's tariffs across a broad range of sectors, including on agriculture, fish and seafood, forestry and industrial goods.

Canada and Japan are also considering ways that an agreement should reflect their mutual commitment to environmental protection and labour practices.

Japan is an important market for Canada. In 2011, bilateral merchandise trade between Canada and Japan totalled $23.7 billion.