Japan–Thailand Economic Partnership Agreement
The Japan–Thailand Economic Partnership Agreement (JTEPA) is a free-trade agreement between Thailand and Japan. The agreement was a deal that would eliminate tariffs on more than 90 per cent of bilateral trade within 10 years. It was signed on April 3, 2007 in Tokyo, Japan by the Prime Minister of Japan Shinzō Abe and the visiting Prime Minister of Thailand, Surayud Chulanont. The agreement was the fourth in a series of similar bilateral trade agreements made by Japan, following deals with Singapore, Malaysia, and the Philippines. Agreement Details Japan would immediately remove the tariffs on almost all industrial products from Thailand. Thailand will immediately remove the tariffs on half of all Japanese steel imports. The remainder would be duty-free by 2017. By 2012, Japanese auto parts except five will become duty-free. The remaining five will become duty-free in over the next 7 years. By 2011, Thailand will immediately reduce the tariffs on Japanese automobiles with an engine displacement of 3000 cc or larger to 60 percent from 80 percent. The two countries will hold talks again in 2009 on total tariff elimination for those vehicles in mid-2010s. The expectation was that Japanese companies would be able to sell more cars