Japan and Canada Sunday decided to begin negotiations on a bi-lateral free trade accord and increase co-operation on energy and security issues.
The 2 sides had agreed that the 2 economies are largely complementary and much potential remains to be tapped after concluding a joint study on the feasibility of an agreement on free trade earlier this month.
Japanese Prime Minister Yoshihiko Noda told reporters after a meeting with his Canadian counterpart Stephen Harper that Japan's ties with Canada are deepening not only economically but also in terms of security.
Harper regarded the launch of free trade talks as a historic step that will lead to creation of job opportunities and growth for both countries.
The joint study puts Japan's gross domestic product gains between US$.4-B and US$4.9-B with a free trade agreement with Canada. The estimations for Canada are between US$3.8-B and US$9.0-B.
Japan mainly exported industrial products like cars and machinery to Canada, while the latter mostly supplies natural resources and farm products to Japan.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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