TOKYO — Japan and the United Arab Emirates agreed Wednesday to begin talks on an economic partnership agreement, as Tokyo hopes to boost exports of cars and machinery while investing in energy.
Japan's exports to the UAE in 2022 amounted to 1.57 trillion yen ($11.1 billion at the current exchange rate). The Middle Eastern country imposes 5% tariffs on many products, including cars, which account for about 60% of the total. Japan hopes to negotiate a reduction or elimination of these tariffs in a partnership agreement.