United States and Japan to start talks on a 'fast track' trade deal

The United States and Japan have taken the first steps towards negotiating a fast-tracked free trade agreement previously resisted by Tokyo, which has been worried that any deal could damage their important automotive industry.

The two states signed a commitment to start talks after US President Donald Trump met with Japanese Prime Minister Shinzo Abe on the sidelines of the United Nations General Assembly in New York.

"We've agreed today to start trade negotiations between the United States and Japan," Mr Trump said. "This was something that for various reasons over the years Japan was unwilling to do and now they are willing to do. So we're very happy about that, and I'm sure that we will come to a satisfactory conclusion."

Mr Trump is looking to address Japan's $69 billion trade surplus with the United States, two-thirds of which is from auto exports.

The agreement commits both countries to a "mutually beneficial trade relationship" focussing on car manufacturing in the US, and Japan's agricultural, forestry and fishing markets.

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Japan's Prime Minister has previously expressed fears the deal could lead to a reduced demand for the country's car manufacturing industry.

"For the United States, market access outcomes in the motor vehicle sector will be designed to increase production and jobs in the United States in the motor vehicle industries," the statement said.

"For Japan, with regard to agricultural, forestry, and fishery products, outcomes related to market access as reflected in Japan's previous economic partnership agreements constitute the maximum level," the agreement reads in reference to the Trans-Pacific Partnership agreement that Mr Trump abandoned in 2017.

The US will seek a "fast track" Japan free trade agreement with congressional approval, US Trade Representative Robert Lighthizer said. US law requires Congress to be notified 90 days before negotiations can begin.

Mr Lighthizer said he expects the talks to happen in stages, the first for an "early harvest" on reducing tariffs and other barriers to trade.

On Monday, the United States signed a free trade agreement with South Korea.

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.

Education: Sagesse University, Beirut, Lebanon, in 2005.