Thursday, 17th February 2011
In General Japan News,
WTO calls for Japan to embrace free trade
Japan must open its markets to overseas trade in order to ensure long-term competitiveness, claims the World Trade Organisation (WTO).
The body claims that the country must consider freer macro-economic measures to help ensure increased growth that will enable the economy to recover from the worldwide financial downtown.
A statement from the WTO said: "These problems can be addressed more effectively by far-reaching structural reforms, of which trade liberalisation (and the resulting stimulus to competition) is an integral part.
"However, structural reforms have, if anything, slowed since 2009."
In particular, the organisation raised concerns about ongoing Japanese support of the domestic agriculture industry and the ongoing use of subsidies and production control.
A recent report from Japan's government revealed that the country is currently the world's biggest net importer of food and that it should consider reviewing international trade rules on export restrictions.
Japan has been a member of the WTO since the start of 1995.
Written by Susan Ballion.