P.M. BRIEFING : Japan Cuts Tariffs to Spur Trade
Japan, in a move to reduce its bloated foreign trade surplus, today unveiled a major import promotion package, including removal of tariffs on more than 1,000 items and tax incentives.
The package drew immediate applause from business organizations and manufacturing industries, including automobile and electronics makers.
The government-appointed Tariff Council recommended removal of tariffs on 1,004 import items in a report submitted to Finance Minister Ryutaro Hashimoto today, Finance Ministry officials said.
The list includes artificial satellites; helicopters; sewing machines; TV cameras; nearly 600 varieties of machinery; chemical goods, including some medicines, and mining and industrial products, the officials said.
It is the first comprehensive import promotion measure to be implemented by the government since January, 1986, when tariffs on 1,008 items were abolished.
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