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.