FAS: Japan trade pacts increase oilseeds, vegetable oil competition
Japan’s conclusion of a free-trade agreement with the European Union and efforts to conclude the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) are expected to increase market competition for U.S. oilseed and vegetable oil exports to Japan, the Agriculture Department’s Foreign Agricultural Service said in a report released today.
“The two agreements contain tariff concessions for a range of oilseeds and their products,” FAS said.
“The Japan-EU agreement could enter into force as early as 2019, while CPTPP member states are undertaking domestic procedures to ratify the agreement. In 2017, Japan imported $3 billion in oilseeds, of which 37.7 percent ($1.15 billion) were from the United States, and $1.5 billion in vegetable oil and animal fat products, of which 3.2 percent (approximately $48 million) were from the United States.”