TOKYO, 22 September 2006 — Japan and six Gulf nations began their first meeting yesterday to discuss a free trade agreement, the Foreign Ministry said. Japan and the Gulf Cooperation Council (GCC) — Saudi Arabia, Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates — will hold talks for two days.
The six-nation Arab group accounted for some 75 percent of oil imports by the world’s second largest economy last year. Japan imports another 15 percent of its oil from Iran, despite criticism from Washington. “There will be a wide-ranging exchange of views and consultations on trade in goods and services, aiming at reaching an early agreement on the negotiations,” the foreign ministry said in a statement.
Japan and GCC countries aim to reach a deal in 2008, according to news reports. Japan hopes to use the talks to reduce the six states’ five-percent tariffs on most imports and to help Japanese companies export more automobiles and construction machinery.