(Reuters) - Japan and the United States intend to enact their recent trade agreement in January, Nikkei reported on Friday, citing Japanese Foreign Minister Toshimitsu Motegi.
“The U.S. wants [the trade deal] to be in effect on Jan. 1, 2020, and we have no objections to that,” Motegi said in an interview to Nikkei.
Last month, U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe signed a limited trade deal that cuts tariffs on U.S. farm goods, Japanese machine tools and other products while further staving off the threat of higher U.S. car duties.
The trade pact needs ratification by Japanese lawmakers and the accord will go before Japan’s parliament once it convenes for an extraordinary session on Friday.
“We hope to gain their (lawmakers’) approval after a thorough explanation,” Motegi told Nikkei.
“The deal strikes a balance between agricultural and industrial products. We were able to attain a win-win outcome for both Japan and the U.S.,” the minister added.
Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Christian Schmollinger