Japan, EU Reach Car Import Agreement: Japan and the European Union reached an accord that lowers the ceiling on Japanese auto exports to Europe this year. The agreement cuts the maximum number of exports by 5,000 cars, or about 0.5%, from the previous year to 1,066,000 vehicles. In 1995, the two sides increased the quota by 11.28%. The annual negotiations between Japan and the EU evolved out of a 1991 accord in which European nations ended national restrictions on Japanese car imports in favor of an EU-wide quota. The accord stated that the quota would be gradually raised until 1999, at which time it would be abolished.
Times Staff and Wire Reports
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