Japan offers low-tariff quotas for Mexican pork, orange juice.MEXICO CITY Mexico City
Spanish Ciudad de México
City (pop., 2000: city, 8,605,239; 2003 metro. area est., 18,660,000), capital of Mexico. Located at an elevation of 7,350 ft (2,240 m), it is officially coterminous with the Federal District, which occupies 571 sq mi , March 10 Kyodo
Japan has offered an 80,000-ton low-tariff quota quota
In international trade, a government-imposed limit on the quantity of goods and services that may be exported or imported over a specified period of time. Quotas are more effective than tariffs in restricting trade, since they limit the availability of goods rather for Mexican pork under a bilateral free trade agreement (FTA), the major Mexican daily Reforma reported Wednesday.
The report said Japan has also offered a 6,500-ton low-tariff quota for Mexican orange juice.
Japan and Mexico reached a broad agreement on the FTA Wednesday following one and a half years of negotiations.
The bilateral agreement will benefit Mexico as it is expected to open the Japanese market for at least 300 Mexican farm products at a low tariff rate, the Reforma report said.
The report also said the agreement will attract $1.3 billion in Japanese investment annually.
Japan and Mexico had planned to conclude the FTA during President Vicente Fox's visit to Japan last October, but failed to bridge the gap over farm products.
On Wednesday, the two reached an agreement on five key farm products -- oranges, orange juice, beef, chicken and pork -- following Japan's concession over low-tariff import quotas Import quotas are a form of protectionism. An import quota fixes the quantity of a particular good that foreign producers may bring into a country over a specific period, usually a year. The U.S. government imposes quotas to protect domestic industries from foreign competition. .