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TOKYO, Jan. 25 (Xinhua) -- Japan and Canada on Sunday decided to start negotiations on a bilateral free trade accord and increase cooperation on energy and security issues.
The two sides had agreed that the two 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 4.4 billion U. S. dollars and 4.9 billion U.S. dollars with a free trade agreement with Canada. The estimations for Canada are between 3.8 billion U. S. dollars and 9.0 billion U. S. dollars.
Japan mainly exported industrial products like cars and machinery to Canada, while the latter mostly supplies natural resources and farm products to Japan.
Source: Xinhua
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