Japan Announces Measures to Make It a Major Importer
Government officials on Thursday outlined a package of tax incentives, tariff eliminations and other measures aimed at reversing past trade policies and making Japan a major importer in the 1990s.
Trade experts in the United States welcomed the plan as a sign that Japan has recognized it must import more goods. But they were hesitant to comment on how much of an impact the program ultimately might have on the availability of U.S. goods in Japan.
A report released by the Ministry of International Trade and Industry called the package of import expansion measures, which will be submitted to Parliament early next year, “unparalleledin history.”
The report said the trade ministry plans to boost the money it spends to try to expand imports to $50 million in fiscal 1990, which begins April 1, from $13.5 million this fiscal year.
The ministry also intends to eliminate tariffs on 1,004 items and reduce levies on four others. The value of imports of these items currently totals $13 billion.
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