World Economy

Japan’s Rice Compromise

Japan’s Rice CompromiseJapan’s Rice Compromise

Japan has offered to import more rice from the United States in a compromise aimed at pushing forward the Asia-Pacific regional trade talks, Reuters said. A stand-off between the United States and Japan over access to farm and auto markets has been holding up negotiations over the 12-nation trade pact, known as the Trans-Pacific Partnership (TPP).  Japan was offering to increase its tariff-free quota for imported rice and import some “tens of thousands” of tons of additional rice from the United States. It plans to maintain existing rice tariffs, it said.