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Global Business
Mexico, Japan to Sign Free Trade Agreement
Who are the members of the trade block you have identified?
The members of the trade block identified were the nations of Japan and Mexico who after very difficult negotiations reached a new free trade accord. "Mexico and Japan sign a free trade agreement on Friday that is expected to open a new market for Mexican fruits and vegetables and prompt Japanese factories to move here." (Unknown, 2004) The accord was signed in June of 2004 and will commence in January 2005.
Mexico has several free trade agreements in place world wide and was thought to be out of the trade agreement market. "Mexico, which has 11 free trade agreements with 42 countries, said last year it was taking a break from seeking new accords, saying it wanted to make use of the agreements it has." (Unknown, 2004) Japan on the other hand does not bestow free trade...
Mexico became only the second nation, the other being Singapore, that has been able to open Japan's door to filtered tariff controls and unrestricted trade.
What type of arrangements do the members of the block have to trade amongst themselves?
The two nations negotiated heavily on the impact of the agricultural markets for Mexico and the steel and automobile markets for Japan. This agreement has basically raised Mexico's hopes to become a principal source for the agricultural goods that are exported to Japan which as a nation imports over sixty percent of its food. Through this agreement, Mexico's farmers will have the advantage of preferential tariffs on the exports of beef, pork and orange juice which are significant capitol producing products.
Some estimates coming from the Mexican ministers calculate approximately that these agricultural exports could…
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