Japan has prioritized Mexico, South Korea and the Association of Southeast Asian Nations in its strategy for negotiating free-trade agreements, a trade ministry official said Friday.
The Ministry of Economy, Trade and Industry endorsed the policy in the first meeting of its FTA task force, which was launched Oct. 24, the official said.
According to the basic policy, Japan should prioritize negotiations on bilateral or regional FTAs with countries or regions that would provide Japan with substantial economic benefits if such agreements are signed.
It said Japan should proceed with negotiations for an FTA with countries or areas in East Asia first, given that regional economic integration has progressed in the United States and Europe.
Japan lags behind many other developed nations in achieving FTAs with trade partners. It has only one FTA, with Singapore, concluded in January 2002.
In October, Japan and Mexico failed to agree on an FTA due to differences over farm trade, including how to treat pork and orange juice exports from Mexico.