Friday, 20th February 2009
In Business In Japan,
Japan signs trade agreement with Switzerland
A trade agreement was signed between Japan and Switzerland yesterday (February 19th) in an effort to counter what officials described as increasingly protectionist policies around the world.
The agreement was signed by Japan's foreign minister Hirofumi Nakasone and the Swiss vice president Doris Leuthard.
An official from the Japanese foreign ministry said that "amid the current economic and financial crisis, there are fears of a re-emergence of protectionism and so both countrites will cooperate to oppose that movement".
The official added that Japan was hoping to ratify the trade agreement as early as June.
Japan has signed a total of 11 free trade agreements with countries such as Mexico and Chile. The country is also working toward similar agreements with Australia, India and South Korea.
Recently, the World Trade Organisation said Japan had not implemented any new protectionist trade policies since the financial crisis began in September 2008.