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Economic advisory panel wants to expand free trade

Wednesday, April 20, 2005 | 9:45 a.m.

Japan should conclude more free-trade agreements so that trade with those partners accounts for 25 percent of the country's total within five years from 5 percent now, private sector members of a government panel said.

The world's second-largest economy has free-trade agreements with Singapore, which accounts for 2 percent of Japan's trade, and Mexico, which accounts for 1 percent. The government reached a preliminary agreement last November with the Philippines, which makes up 2 percent of Japan's total trade.

Japan should further raise the ratio of trade with free-trade partners to 50 percent "in the future" and consider agreements with developed countries, the private sector members of the government's key advisory panel on the economy said.

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