708-Chaudhari Technical Institute, Gandhinagar - Gujarat ...

Japan has been a partaker in the major rounds of tariff cutting negotiations
under the GATT framework — the Kennedy Round complete in 1967,
the Tokyo Round completed in 1979, and the Uruguay completed in 1993. As
a result of these agreements, tariffs in Japan fell to a low level on average.
Upon complete performance of the Tokyo Round agreement, Japan had the
lowest average tariff level among industrial countries—2.5 percent, compared
with 4.2 percent for the United States and 4.6 percent for the European Union
1980s
Japan's quotas also dropped. From 490 items under quota in 1962, Japan
had just twenty-seven items under quota in the mid-1980s, and that number
dropped again late in the decade to 22 with further agreements programmed
to move toward into effect in the early 1990s, which would reduce the number
again. But those products still under allocation proved to be highly able to be
seen and were the purpose of complaints by exporting countries. The
reduction of restricted items in the late 1980s resulted from Japan's failure of
a GATT case brings by the United States about import limitations on 12
farming products. In addition, heavy force from the United States led to an
agreement that Japan would end import quotas on beef and citrus fruit in
1991.
1990s to 2010
The collapse of the Japanese asset price bubble in the early 1990s and the
following Lost Decade helped matters. price cut markets opened the supply
chains, and several companies curved to foreign trade and savings to avoid
losses and even insolvency. Products of Japanese companies that were
Produced in South-Asian countries were reimported at lower prices. The
Japanese consumer also changed: Economic problems forced many
Japanese to look for cheap prices first and care about national pride or
superior quality later
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