Japan and Singapore effectively concluded negotiations on a comprehensive free-trade arrangement Friday, opening the way for Japan to conclude its first FTA by the end of this year.
"This is an agreement that covers a broad range of fields. This is the first bilateral free-trade agreement for Japan and it has substantial coverage and depth," Kazuo Asakai, ambassador in charge of international economic affairs, told a news conference.
The agreement means a significant change in trade policy for Japan, which has pursued a freer trade system through regional and multilateral frameworks. In a joint statement issued after three days of negotiations in Tokyo, the two sides said that negotiating teams have succeeded in concluding negotiations on all but a few issues.