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SINGAPORE : ASEAN and Japan have successfully concluded negotiations for a Comprehensive Economic Partnership Agreement (CEPA).
Expected to be signed as early as next year, the accord will see tariffs removed on 90 percent of imports from both sides, in phases, with only key sensitive items like rice remaining protected.
Speaking at a closed-door session with ASEAN leaders, Singapore Prime Minister Lee Hsien Loong recognised that negotiations had not always been easy.
However, he said a good outcome was achieved because of political resolve to deepen economic co-operation.
Some analysts have pointed out that Japan is eager to play catch-up, after both China and South Korea have signed similar agreements with ASEAN.
Last year, trade between Japan and ASEAN totalled US$163 billion, making ASEAN Japan's third largest trading partner, after the US and China.
Meanwhile, Prime Minister Lee also met Japanese Prime Minister Yasuo Fukuda.
The two leaders affirmed the strong bilateral relations between Japan and Singapore.
Mr Lee welcomed the conclusion of the ASEAN-Japan CEPA and stressed the importance of Japan's continued engagement with Southeast Asia. - CNA/ms
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